Carbon Accountable: A Vision from the Noughties

In the noughties, I was involved in setting up a business called Carbon Accountable. The aim of the business was simple: to establish carbon accounts where individuals could connect with businesses and organizations to monitor their collective and individual carbon footprints, assist them in reducing it, and offset it using bona fide carbon credits. 

Our perspective was that if businesses could collaborate with their customers, employers with their employees, and voluntary organizations with their volunteers to decrease their collective and individual carbon footprints through connected carbon accounts, it would not only be more efficient but also effective.

The Challenges and Skepticism of Early Carbon Offsetting

Like many innovative ideas, it was probably ahead of its time. 

In the noughties, there was no significant voluntary carbon market, and there was a lot of skepticism about carbon offsetting. Climate change wasn’t a top business priority, and corporate social responsibility was far from mainstream. What made a challenging market impossible was the financial crash and related recession in 2008, combined with a series of scandals that shook the carbon offset market.

Revisiting the Carbon Market: A Renewed Perspective

Fast forward 15 years, and I am revisiting the carbon market. This time, I aim to assist my friends in Ukraine in accessing new funding sources to rejuvenate their renewable energy industry. 

What intrigues me is that, although business attitudes towards climate change have drastically changed since 2008 and robust international standards surround the voluntary market, the taint of scandal persists. The concept of offsetting is often criticized as illegitimate. 

When I left the carbon offsetting market in 2008, it was evident that people had valid reasons to question the authenticity of offsetting. However, with the current governance and framework standards, such skepticism seems unwarranted.

The Modern Controversies and Validity of Offsetting

Of course, some individuals fundamentally oppose offsetting. They argue that we should cease flying, halt new infrastructure development, consume only locally-produced food, and reconsider using any mode of transportation other than bicycles or walking. 

Yet, for those living in the real world, offsetting serves as a valid method to mitigate individual climate impact. For businesses, it presents the only viable path to net zero. 

It’s also the sole avenue for projects with genuine climate value to launch or continue operations. Moreover, it’s an optimal method for redirecting funds and resources from developed nations to developing ones, or within developed countries from the affluent to the less fortunate.

The Gold Standard and the Five Pillars of Carbon Credits

That’s why initiatives like the Gold Standard for Carbon Credits are crucial. They recognize and offer a premium for projects with tangible social impact. All carbon credits must adhere to five standards:

Additional 

The credit must add value to a project, typically meaning that without the credit’s income, the project wouldn’t proceed.

Permanent

The credit must permanently replace or abate the equivalent in fossil fuel generation.

Not Over Estimated

Carbon credit sales must be based on actual replacement, removal, or abatement, not on projections or estimates.

Not Claimed by Another Entity

Once issued, the credit must be retired, ensuring it isn’t claimed multiple times.

Not Associated with Significant Social or Environmental Harms

Carbon credit projects must adhere to the highest environmental and social standards.

Collaborative Efforts: From Ukraine to the UK

If community projects in the UK or renewable energy initiatives in developing countries meet these standards, there are numerous eager buyers. I’m collaborating with Ukrainian partners to develop a system that verifies these five standards. 

This will qualify Ukrainian renewable energy projects, as well as those involved in replacement and abatement, for carbon credits, setting the gold standard as the benchmark. If successful, this will mobilize resources for projects currently halted in development or unable to recover due to war-inflicted damage. 

However, the work I’m undertaking in Ukraine can also be applied locally, aiding community projects in securing the funding they require.

The Future of Carbon Offsetting: A Hopeful Outlook

It’s been a circuitous route on my carbon offsetting journey, but I believe that this time it has the potential to effect positive change.