As Article 6 gains traction, a question emerges – is it acceptable that the same permanent CDR credit can be simultaneously co-claimed by a corporation and nation, without the need for a corresponding adjustment?
In a new working paper, carbon market experts at the University of Oxford, Nasdaq, and AFRY Management Consulting, argue that yes, co-claiming for neutralisation ends is legitimate providing three additional principles are met:
- only permanent carbon removal methods are used to claim neutralisation of fossil-based emissions in line with the “like-for-like” principle;
- in addition to being permanent, sufficient supply-side CDR safeguards are fulfilled; and
- the accountability supporting neutralisation claims complies with stipulated transparency requirements.
The authors state that these principles can help to protect environmental integrity whilst also encouraging frictionless international and public-private cooperation.
Read the paper and register for the webinar (26 June at 1500 CET) here:
https://events.teams.microsoft.com/event/f151d4ff-2ae3-4f95-aad5-cf7a94a59c6e@58af3eba-510e-4544-8cfd-85f5e0206382
Read Carbon Pulse’s reporting on the paper: https://carbon-pulse.com/409660
Following this release, it will be for policymakers and leading corporations to determine whether the proposals can be implemented. If adopted, this may pave the way to re-frame the permanent carbon removal as a global waste disposal service, helping to unlock efficiencies by enabling polluters to securely dispose of their emissions regardless of their own location.
Note the working paper was developed with the benefit of a range of stakeholder inputs including from a roundtable held in New York Climate Week (September 2024) and at COP29 (November 2024). The views expressed in this paper are those of the authors only and do not necessarily reflect those of University of Oxford, Nasdaq or AFRY Management Consulting.
