CARBON CREDIT RETIREMENT
When carbon credits are issued for a certain project each tonne of CO2 offset is individually identifiable with a unique number, vintage and project identity.
Each project engages with a certifying organisation that validates the projects authenticity, claims and the scientific methodology used to calculate the CO2 offsets generated. Additionally, they can validate other claims under United nations Sustainable Development Goals.
Each project carries the logo of the certifying organisation identifying its credentials. All being well the project is certified and the relevant quantity of carbon credits are struck for the project.
There is a finite number of credits per project and vintage and they can’t be duplicated or unretired.
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The next step involves the registration of “birth” for the carbon credits with a carbon credit registration platform. These companies maintain a public register of their carbon credits. The registry tracks the ownership trail of the carbon credit. The ownership of these credits transfers from generator to advisory companies and ultimately ownership is transferred to individual organisations that want to reduce their carbon emissions position. It could be to offset emissions from an individual project, event, sub organisation or a % of overall emissions.
At a certain point and on instruction the carbon credit is retired. The register managing the carbon credits journey is advised and the carbon credit is basically “destroyed” or retired, so that it can’t be used again. Its value has basically been cashed in.
Until the carbon credit is retired its ownership is transferable and claiming carbon offsets against emissions is false.
The retirement mechanism removes the carbon credit from circulation, stopping it from being claimed for another project, another company or resold again.
If it is not retired the carbon credit can be potentially resold to multiple customers, each paying fees believing they are doing the right thing.
It is most important that as a buyer you request and receive documentation to confirm the carbon credit has been retired. A record of the carbon credit retirement for that project can be requested. These days this is publicly available over the internet and can be supported with easily obtained documentation that can be available for all your stakeholders.
Read Less
Carbon Credit Retirement
When carbon credits are issued for a certain project each tonne of CO2 offset is individually identifiable with a unique number, vintage and project identity.
Each project engages with a certifying organisation that validates the projects authenticity, claims and the scientific methodology used to calculate the CO2 offsets generated. Additionally, they can validate other claims under United nations Sustainable Development Goals.
Each project carries the logo of the certifying organisation identifying its credentials. All being well the project is certified and the relevant quantity of carbon credits are struck for the project.
There is a finite number of credits per project and vintage and they can’t be duplicated or unretired.
Read More
The next step involves the registration of “birth” for the carbon credits with a carbon credit registration platform. These companies maintain a public register of their carbon credits. The registry tracks the ownership trail of the carbon credit. The ownership of these credits transfers from generator to advisory companies and ultimately ownership is transferred to individual organisations that want to reduce their carbon emissions position. It could be to offset emissions from an individual project, event, sub organisation or a % of overall emissions.
At a certain point and on instruction the carbon credit is retired. The register managing the carbon credits journey is advised and the carbon credit is basically “destroyed” or retired, so that it can’t be used again. Its value has basically been cashed in.
Until the carbon credit is retired its ownership is transferable and claiming carbon offsets against emissions is false.
The retirement mechanism removes the carbon credit from circulation, stopping it from being claimed for another project, another company or resold again.
If it is not retired the carbon credit can be potentially resold to multiple customers, each paying fees believing they are doing the right thing.
It is most important that as a buyer you request and receive documentation to confirm the carbon credit has been retired. A record of the carbon credit retirement for that project can be requested. These days this is publicly available over the internet and can be supported with easily obtained documentation that can be available for all your stakeholders.
Read Less
Carbon Credit Retirement
When carbon credits are issued for a certain project each tonne of CO2 offset is individually identifiable with a unique number, vintage and project identity.
Each project engages with a certifying organisation that validates the projects authenticity, claims and the scientific methodology used to calculate the CO2 offsets generated. Additionally, they can validate other claims under United nations Sustainable Development Goals.
Each project carries the logo of the certifying organisation identifying its credentials. All being well the project is certified and the relevant quantity of carbon credits are struck for the project.
There is a finite number of credits per project and vintage and they can’t be duplicated or unretired.
Read More
The next step involves the registration of “birth” for the carbon credits with a carbon credit registration platform. These companies maintain a public register of their carbon credits. The registry tracks the ownership trail of the carbon credit. The ownership of these credits transfers from generator to advisory companies and ultimately ownership is transferred to individual organisations that want to reduce their carbon emissions position. It could be to offset emissions from an individual project, event, sub organisation or a % of overall emissions.
At a certain point and on instruction the carbon credit is retired. The register managing the carbon credits journey is advised and the carbon credit is basically “destroyed” or retired, so that it can’t be used again. Its value has basically been cashed in.
Until the carbon credit is retired its ownership is transferable and claiming carbon offsets against emissions is false.
The retirement mechanism removes the carbon credit from circulation, stopping it from being claimed for another project, another company or resold again.
If it is not retired the carbon credit can be potentially resold to multiple customers, each paying fees believing they are doing the right thing.
It is most important that as a buyer you request and receive documentation to confirm the carbon credit has been retired. A record of the carbon credit retirement for that project can be requested. These days this is publicly available over the internet and can be supported with easily obtained documentation that can be available for all your stakeholders.
Read Less
