AMDK say Carbon Credit is Jiak Liao Bee de woh... Potential Bag Holders Alert??.

[k1976]

Carbon Credits Found to Be Mostly ‘Ineffective’ in Key Study​

• SBTi publishes review into role of CO2 offsetting instruments
• Review has been highly anticipated after period of controversy

Pigeon River Country State Forest in Vanderbilt, Michigan.
Photographer: Erin Kirkland/Bloomberg
By Alastair Marsh
July 30, 2024 at 7:00 PM GMT+8
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The world’s top arbiter of corporate climate goals has described as mostly “ineffective” a financial instrument that’s used by a number of major companies to back up their emissions claims.

The Science Based Targets initiative, the de facto global regulator of private-sector CO2 targets, said that its review of third-party studies indicates that “various types of carbon credits are ineffective in delivering their intended mitigation outcomes,” in a report published on Tuesday. What’s more, corporate use of carbon credits could stall decarbonization efforts and reduce the flow of climate finance, SBTi said.

 

[k1976]

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ST Explains: What are bilateral carbon credit pacts, and how do they benefit S’pore?​

Large greenhouse gas emitting companies in Singapore can eventually buy these credits to offset up to 5 per cent of their carbon tax. ST PHOTO: GIN TAY

Shabana Begum
Updated

Jul 15, 2024, 12:59 PM

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SINGAPORE – On July 9, Laos became the 19th country to collaborate with Singapore on carbon credits, which will help the two nations meet their climate goals while allowing Singapore to grow into a carbon services and trading hub.

Large greenhouse gas emitting companies here can eventually buy these credits to offset up to 5 per cent of their carbon tax, which is set to increase by 2030.

The Straits Times breaks down the complex concepts behind carbon trading and what it takes to form carbon credit pacts in line with the Paris Agreement.

 

[k1976]

Singapore scores first carbon credit transfer deal at COP28​

Wong Pei Ting​

Published Fri, Dec 8, 2023 · 03:29 PM
Carbon credits

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• Singapore Minister for Sustainability and the Environment Grace Fu and Papua New Guinea Minister for Environment, Conservation and Climate Change Simo Kilepa at the signing ceremony of the implementation agreement between Singapore and Papua New Guinea. The agreement is aligned with Article 6 of the Paris Agreement. PHOTO: COP28 SINGAPORE PAVILION
• Singapore Minister for Sustainability and the Environment Grace Fu and Papua New Guinea Minister for Environment, Conservation and Climate Change Simo Kilepa at the signing ceremony of the implementation agreement between Singapore and Papua New Guinea. The agreement is aligned with Article 6 of the Paris Agreement. PHOTO: COP28 SINGAPORE PAVILION
• Singapore Minister for Sustainability and the Environment Grace Fu and Papua New Guinea Minister for Environment, Conservation and Climate Change Simo Kilepa at the signing ceremony of the implementation agreement between Singapore and Papua New Guinea. The agreement is aligned with Article 6 of the Paris Agreement. PHOTO: COP28 SINGAPORE PAVILION
• Singapore Minister for Sustainability and the Environment Grace Fu and Papua New Guinea Minister for Environment, Conservation and Climate Change Simo Kilepa at the signing ceremony of the implementation agreement between Singapore and Papua New Guinea. The agreement is aligned with Article 6 of the Paris Agreement. PHOTO: COP28 SINGAPORE PAVILION
• Singapore Minister for Sustainability and the Environment Grace Fu and Papua New Guinea Minister for Environment, Conservation and Climate Change Simo Kilepa at the signing ceremony of the implementation agreement between Singapore and Papua New Guinea. The agreement is aligned with Article 6 of the Paris Agreement. PHOTO: COP28 SINGAPORE PAVILION

CARBON credits from Papua New Guinea will make up the pool of credits Singapore’s high emitters can use to offset up to 5 per cent of their taxable emissions from 2024. This is when the carbon tax rate rises to S$25 per tonne of emissions, from the current S$5 per tonne.

The confirmation came at the United Nations (UN) Climate Change Conference in Dubai on Friday (Dec 8), as Singapore scored its first carbon credit transfer agreement with the Oceanian country, which shares a border with Indonesia.

The implementation agreement is aligned with Article 6 of the Paris Agreement, which sets out a legally binding framework and processes for the generation and international transfer of carbon credits between countries to avoid double counting.

 

[batman1]

What CO2? Sinkees don't understand. Blur!!!!???

 

[k1976]

https://www.ft.com/content/0a46a3b0-1672-4763-b5a6-868ae1fd63c5

EVEN UN also say Carbon Credit no good sia

 

[k1976]

Reform or go out of business,’ carbon offsetting industry told​

Study finds carbon credits could raise billions for climate action but only with changes, such as rigorous standards
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Patrick Greenfield
Wed 26 Jun 2024 05.00 EDT

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The carbon-credit market must reform or “go out of business”, leading scientists have concluded in an international review of the offsetting industry.

The market for carbon offsets shrank dramatically last year after a series of scientific and media reports found many offsetting schemes had little environmental impact.

However, if comprehensively reformed, offsetting could still generate billions of dollars for action on the climate and biodiversity, experts concluded.

‘Trust has been lost and it’s got to be regained,’ says Sir David King. Photograph: Guardian
The Climate Crisis Advisory Group (CCAG), headed by the former UK chief scientific adviser Sir David King and made up of some of the world’s leading scientists, has produced a new assessment of the voluntary carbon market and how it can rebuild trust.

 

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The unregulated sector should adopt rigorous scientific standards to produce carbon credits, ensure financial benefits were clear to local communities involved with projects, and prioritise carbon-removal projects that suck greenhouse gases out of the atmosphere, the CCAG said.

King said it was clear that there were deep problems with the current system for producing many carbon credits and that unless the voluntary carbon market changed, it would go out of business and be replaced by a system with higher standards.

“The voluntary carbon market is very reluctant to take this fully on board.

Our report is totally independent of them. It is going to be challenging, but our simple message is that unless you do this, you’re out of business,” he said. “Trust has been lost and it’s got to be regained.”

 

[k1976]

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SBTi Releases Scenarios for Carbon Credits Despite Finding Little Evidence They Work​

The referee on corporate net-zero targets is at the forefront of a debate over the legitimacy of carbon credits​

By H. Claire Brown
July 30, 2024 7:00 am ET|WSJ Pro

Carbon credits can be generated from reforestation projects that capture atmospheric carbon dioxide. Photo: Joshua Bessex/Associated Press

The world’s leading referee on corporate net-zero targets left open the possibility of allowing companies to use carbon credits in their efforts to reduce emissions, but said more research was needed after a review of evidence found that many credits are largely ineffective.

The findings, released Tuesday, mark the latest development in a monthslong saga that has put the Science Based Targets initiative, or SBTi, at the forefront of a global debate over whether carbon credits have a legitimate place in voluntary corporate climate commitments.

SBTi relies on scientific evidence to verify companies’ emissions reduction plans and has validated climate targets for more than 5,000 companies to date.

“The outputs released today are a critical step in understanding how the SBTi can develop a more sophisticated approach to scope 3 to help more businesses set targets,” Alberto Carrillo Pineda, SBTi’s chief technical officer, said in a statement.

In a discussion paper, also released Tuesday, the SBTi outlined potential uses for carbon credits, but it didn’t commit to incorporating any into a forthcoming policy update.
In one scenario, companies could use carbon credits to show emissions reductions in their supply chains.

In another, the credits could be used to offset so-called “residual emissions,” or roughly 10% of emissions that remain unabated as part of companies’ net-zero goals. In a third scenario, companies could buy carbon credits to mitigate emissions outside their supply chains.

The scenarios are part of a lengthy review process and won’t necessarily make their way into the SBTi’s updated net-zero standard expected to take effect next year

 

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In theory, each carbon credit corresponds to a reduction of one metric ton of carbon-dioxide emissions. But various studies have questioned whether the credits work as expected, and several news reports have uncovered allegations of fraud around them.

Last September, the SBTi began soliciting evidence on the effectiveness of the credits. In a report on Tuesday, the SBTi said it found the best evidence suggested “various types of carbon credits are ineffective in delivering their intended mitigation outcomes.” The organization, however, called for more research.

A separate independent review of academic literature found there wasn’t enough material to come to a definitive conclusion, according to a statement released Tuesday by the SBTi and research partner Evidensia.

The SBTi sparked controversy in April when its board of trustees issued a statement suggesting it would allow carbon credits in the forthcoming update to the organization’s standards.

A group of 80 global charities and the apparel company H&M issued statements condemning the policy reversal, voicing concerns that it would weaken corporate climate pledges.

In early July, SBTi Chief Executive Luiz Amaral announced he would step down, citing personal reasons.

SBTi plans to release a draft version of its new standard by the end of this year and aims for it to take effect at the end of 2025.

“The SBTi believes that direct decarbonization must remain the priority for corporate climate action and looks forward to the extensive public consultation on the draft Corporate Net-Zero Standard,” Carillo Pineda said.

 

[k1976]

Bursa Carbon Exchange Holds Malaysia’s First Nature-Based Carbon Credit Auction​

byViolet George
July 29, 2024
1 minute read

Source: jorono from Pixabay
Bursa Malaysia subsidiary, Bursa Carbon Exchange (BCX), has successfully conducted the nation’s inaugural auction of carbon credits.
These credits originated from the Kuamut Rainforest Conservation Project, located in Sabah.

The auction garnered significant interest from businesses and organizations seeking to reduce their environmental footprint.
Relevant: Bursa Carbon Exchange Joins IETA To Expand The Voluntary Carbon Market
Many participants aimed to offset hard-to-reduce greenhouse gas emissions through carbon credit purchases. The forest protection and regeneration project in Kuamut was sold at a price of RM50 per contract.

Renowned for its excellence, the Kuamut Project has earned global recognition as a top-tier improved forest management (IFM) initiative, as certified by the carbon rating agency BeZero Carbon.

Bursa Malaysia CEO, Datuk Muhamad Umar Swift, expressed enthusiasm about this milestone for Bursa Carbon Exchange: “It has been a long wait for Malaysia to finally witness the auction of the country’s first domestically produced quality carbon credits.”

Relevant: Bursa Malaysia To Hold Its First Carbon Credit Auction In July
He acknowledged that building a robust voluntary carbon market takes time, citing the five-year maturation period of the voluntary renewable energy certificates (RECs) market as a reference.
Due to the intricate nature of carbon project implementation, particularly those involving ecosystems, the carbon market’s growth may be slower compared to the RECs market.
Swift emphasized the importance of establishing a compliance carbon market to accelerate the development of domestic carbon projects.