The REDD+ Business Initiative is proud to be a signatory to the Katowice Declaration on Sound Accounting, that seeks to avoid double counting in carbon markets. We are also proud that our flagship REDD+ project, the Tambopata-Bahuaja Biodiversity Reserve in Peru, is one of the first in the world to have corresponding adjustments made by the Government.
Environmental and Corporate Groups Urge Countries to Adopt Rules on Sound Carbon Accounting Under Paris Agreement
KATOWICE, Poland (4 December 2018) – The International Emissions Trading Association, Environmental Defense Fund and a group of 40 companies, business groups and non-governmental organisations today issued the Katowice Declaration on Sound Carbon Accounting.
Non-state actors are closely following the United Nations Framework Convention on Climate Change (UNFCCC) process as Parties to the Paris Agreement prepare to finalise the guidance for its implementation, and developments under the International Civil Aviation Organisation’s (ICAO) on the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) are also underway. The declaration promotes sound carbon accounting, and urges countries to adopt robust rules to avoid double counting of emissions reductions under the Paris Agreement.
Avoiding the double counting of mitigation efforts in these programs is critical:
- For environmental integrity: Without strong rules to avoid double counting, including with CORSIA, we risk undermining the goals of the UNFCCC, the Paris Agreement, and CORSIA.
- For business certainty: To protect against financial and reputational risk, companies investing in mitigation require certainty that purchased emissions reductions will not be used twice.
- For public confidence: If double-counting is allowed among UNFCCC Parties, or between them and CORSIA, that could undermine confidence among governments, businesses, civil society, and other stakeholders that international institutions have the ability to guide the necessary climate action.
Through the Declaration, companies, civil society and other non-state actors make clear our desire that all Parties agree strong rules at COP24 in Katowice that ensure all forms of double counting are avoided.
“All markets benefit from strong accounting to build investor confidence, but in the world of the Paris Agreement the delivery of the environmental objective absolutely depends on it,” said Dirk Forrister, IETA’s CEO.
“The Paris rules on carbon accounting should support international market linkages that lower costs, spur technology deployment and preserve competitiveness. These are all imperatives for business to scale-up climate action,” Forrister added.
“The wide range of companies and groups united in calling for clear accounting and transparency rules sends a strong message to the Parties meeting in Katowice: the Paris Agreement rulebook must include safeguards to prevent double counting,” said Nathaniel Keohane, Senior Vice President for Climate at Environmental Defense Fund.
”Carbon markets offer enormous promise to enable deep, cost-effective cuts in climate pollution at a global scale – but only if basic accounting rules are in place, like a prohibition on counting the same ton of emissions reductions twice,” Keohane added.
For more information about the RBI contact us here.