At present is Monday, April 15, 2024.
After the GRI added carbon credits to its disclosure requirements a number of months in the past and the SEC deleted scope 3 of its new rules on disclosures – briefly suspended – final week it was a UK-based entity that took motion associated to carbon credit and scope 3: the Science Primarily based Targets initiative (SBTI).
O press launch of SBTi begins as follows: “While recognizing that there is a healthy debate ongoing on the subject, SBTi recognizes that, when properly supported by policies, standards and procedures based on scientific evidence, the use of environmental attribute certificates for the purposes of reducing Scope 3 emissions could act as an additional tool to combat climate change.”
O press release adds: “SBTi will not embark on validating the quality of carbon credits. Other entities are better positioned to handle this activity. SBTi will allow all validating entities to have clear access and full understanding of the established demand-side protection rules by SBTi for this purpose.”
In other words, as you are probably following, related to other entities based in the United Kingdom, such as ICVCM or VCMI.
The press release also informs that next July a draft will be published to discuss the SBTi proposal on possible changes to scope 3.
According to some sources, part of the SBTi staff was not very happy with the measure, an extension “beyond current limits”, as communicated by SBTi.
As you already know, not everyone is in favor of having a market for carbon in the “type of credit” in addition to the existing forms already related to carbon: diamonds, oil, coal and gas. In this sense, trees, renewable energy and new low-carbon technologies would continue on their own.
Click on the image below to see the SBTi press release.
Presently, there are greater than 4 thousand corporations with science-based local weather targets validated by SBTi.
