![]() ![]() There is also an emerging trend towards a willingness to pay more per tonne for high quality offsets, driven by firms like Microsoft and Stripe focused on scaling durable carbon removal solutions. Indeed, a recent survey by the Forest Foundation found that 29% of respondents evaluated projects based on their co-benefits. To address these targets, many organizations are researching and paying attention to credits that not only offset their carbon footprint but demonstrate commitment to sustainability and ESG (environmental, social and governance) targets. This is partly driven by the net zero commitments of firms, with only 8% of companies surveyed by South Pole not having a net zero target in place. The value of the voluntary carbon market grew by 190% in 2021 and is expected to grow a further 50- 80% in 2022, reaching a value of some $1.7bn. These results demonstrate the potential of voluntary carbon markets to not only mitigate climate change but play a key role in driving sustainable development in the communities where projects are based. Sustainability co-benefits of carbon offset projects ![]() Results revealed that each project produced an average of $664 of additional benefits per tonne of carbon reduction achieved. In 2014, ICROA analyzed 59 carbon credit projects to better understand their impact on driving sustainability co-benefits. These correspond to driving the United Nations Sustainable Development Goals (SDGs), 17 globally recognised development targets intended to be achieved by 2030. What are co-benefits?Ĭo-benefits can be defined as the positive impacts arising from a carbon offset project beyond direct emissions avoidance or removal.ĭue to these projects generally seeking to preserve or restore ecosystem services to absorb CO2, they interact closely with contributing to environmental, social and economic sustainability. ![]() This content originally featured in the deCarbonized newsletter from 12/03- 09/03/22. This piece introduces and explores some of the key co-benefits that arise from carbon avoidance and removal projects.Īfter briefly introducing what co-benefits are and the growing interest in their value, 4 key types are explored:Įach co-benefit is discussed in relation to their contribution to the sustainable development goals, the types of project commonly attributed to their production and opportunities for their effective assessment.Ī case study of a project that has successfully produced the co-benefit is then explored. 16 min read Carbon credit projects lead to many co-benefits, like new employment opportunities for women. ![]()
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