Let’s Get Ethical
4 September 2015
FYI: ECO is highly principled, and believes that a key role of the Paris agreement will be to enshrine durable principles. Specifically for carbon markets, the following principles should be inscribed:
Real: unless the emissions reductions have actually occurred, and are not an accountancy trick, what’s the point of a market?
Supplemental: a failure of carbon markets has been the result of inadequate levels of ambition to drive the market. Only countries with targets that represent their fair share of effort towards the 1.5oC goal should be allowed to trade, and then only for levels of ambition above that fair share.
Additional: any credits that are traded need to represent emissions reductions achieved above a credible baseline.
Internationally verifiable: for those participating in the market, confidence in the quality of the credits is paramount. Alas, only through transparency will this confidence be achieved.
Permanent emissions reductions: having the emissions reappear at a later date makes the credits a mere accountancy trick.
Avoid double counting: despite getting a Fossil on this, Brazil still does not understand that this is an issue. Counting a single credit twice as contributing towards action misses the whole point.
Deliver sustainable development co-benefits: there are many other environmental, developmental and human rights issues that at worst credits and markets should not undermine, and at best should actively contribute to improving.