Streamlining the Concept of Private Finance Contributions as a Credible Alternative to Corporate Offsetting
In the fight against the global climate crisis, many companies and other organizations have responded by adopting emission reduction targets. Most of these targets are carbon neutrality targets designed to be achieved by an organization’s individual carbon accounting: Companies avoid or reduce their greenhouse gas emissions and offset residual emissions in order to "neutralise" their total emissions. This usually is done through the purchase of carbon credits. However, increasingly, it is being called into question to what extent this is an expedient approach to contribute to the global net zero goal. Especially if the emission reductions achieved in the offset projects lead to double counting under the Paris Agreement. With the contribution claim approach, an alternative model is being developed that allows companies to promote global climate protection via private financial contributions. The key difference between the offsetting and the contribution model is that it does not include carbon accounting that aims at achieving a "carbon neutral" or “net-zero” status. Instead, companies claim their emissions reductions as a "contribution to climate finance". The claim’s focus is on taking responsibility for one’s emissions while making a most effective contribution towards the global net-zero goal. The new model also offers the establishing of multiple-benefit strategies which, in addition to carbon avoidance or removal schemes, may address transformative change processes towards global sustainability. This panel aims to discuss opportunities to implement and scale the contribution claim model. Panelists will share their experiences in advancing this alternative approach and discuss ways to develop a common understanding of how the concept can be made marketable.
Floor 4, Donostia-San Sebastián
Speakers
- Axel Michaelowa (Senior Founding Partner, Perspectives Climate Group GmbH)
- Gesa Schoeneberg (Head of Research & Consulting, Foundation Development and Climate Alliance)
- Jessica Denoyelle (Head of Projects & Genarl Counsel, ClimateSeed)
- Lydia Sheldrake (Director of Policy & Partnerships, Voluntary Carbon Markets Integrity Initiative (VCMI)
- Nicolas Kreibich (Senior Researcher and Project Lead ContClaim, Wuppertal Institute)