Gold Standard is introducing a new process and requirements to operationalise credits authorised for use under Article 6 of the Paris Agreement and to enable responsible claims more generally. This new process is optional, but will allow Gold Standard project developers to be amongst the first to implement activities under Article 6 and will enable Gold Standard credits with vintages of 2021 or later to be used by:
Aeroplane operators towards obligations under CORSIA, the Carbon Offsetting and Reduction Scheme for International Aviation (subject to approval by the ICAO Council)
Governments towards their Nationally Determined Contribution (NDC) under the Paris Agreement
Companies, organisations and individuals towards robust voluntary ‘carbon offsetting’ or ‘carbon neutral’ claims.
FOR CONSULTATION
1. DOUBLE COUNTING REQUIREMENTS AND PROCEDURES
The process and requirements by which Gold Standard will manage credits authorised for use under Article 6, with corresponding adjustments.
The new process will form part of a revised set of double counting requirements and will enable Gold Standard certified projects and the buyers that support them to appropriately avoid double claiming with NDCs under the Paris Agreement. A post-consultation version will be introduced as soon as possible following the conclusion of COP26, amended as required to reflect feedback from this consultation and the outcome of UNFCCC negotiations.
2. CLAIMS GUIDELINES
Updated Claims Guidelines to provide new guidance on claims that may be made with respect to Gold Standard carbon credits with various attributes.
These Guidelines provide clarity on the responsible use of Gold Standard credits as the market moves into the Paris Agreement era, including how this will be managed in the early years of this transition. Gold Standard is also participating actively in the Voluntary Carbon Market Integrity Initiative, which intends to provide claims guidance across the market.
CONTEXT
In November, governments will meet for COP26, where they are expected to reach long-awaited agreement to a rulebook for Article 6 of the Paris Agreement, providing much needed clarity for market participants. This alongside trusted guidance from the Greenhouse Gas Protocol and the Science Based Targets as well as initiatives like the Carbon Pricing Leadership Coalition, the Voluntary Carbon Market Integrity Initiative and the World Bank’s Partnership for Market Readiness study will establish new norms for best practice in the use of carbon credits.
The introduction of this new process and requirements will enable Gold Standard project developers to be amongst the first to implement activities authorised under Article 6. If you’re interested in becoming a first-mover in the application of this process, you can find more information at Article 6 Early-Mover Programme
TIMELINE
The introduction of a new process and requirements for credits authorised for use under Article 6 of the Paris Agreement is the latest in a series of steps and consultations Gold Standard is taking to align with and support market activity under the Paris Agreement.
1. In March 2020, Gold Standard was approved as a CORSIA Eligible Emissions Unit Programme, with the ability to supply Eligible Emissions Units to aeroplane operators to comply with CORSIA.
2. Gold Standard has launched several consultations in recent years on the future of the voluntary carbon market in the era of the Paris Agreement, most recently in February 2021. As part of this, Gold Standard consulted on principles, approaches and timelines to avoid double claiming between host country NDCs and organisations making voluntary offsetting claims.
3. In July 2021, Gold Standard announced a partnership with the Swedish Energy Agency, under which Gold Standard rules, framework and infrastructure will be used to facilitate their acquisition of mitigation outcomes under Article 6. It is envisioned that Gold Standard will support other governments in a similar way, opening up new opportunities for project developers.
