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Verified Emissions Reductions (VERs)
Carbon Trade Exchange enables companies to easily and cost effectively buy and sell voluntary carbon credits known as Verified Emission Reductions (VERs). Carbon offsetting is an effective tool to provide finance to projects that would not have otherwise gone ahead and should be used as part of a company’s carbon management strategy to effectively tackle its unavoidable emissions. Offsetting can support a company’s internal effort to reduce emissions and helps boost global competiveness and customer engagement. It also offers more than just tackling climate change – they can help schools, create jobs, fund healthcare programs and protect biodiversity.Using Carbon Trade Exchange’s trading platform, business can access hundreds of carbon projects worldwide and their associated carbon credits, searchable by price, standard, location, vintage, and project type. For carbon credits to be listed on CTX, they must be have been issued, verified and held in a secure registry along with the appropriate project documentation.
Ensuring that offsets are of high quality on Carbon Trade Exchange
All carbon projects that are listed on the CTX trading platform have undergone extensive due diligence, validation, monitoring and verification by independent verifiers and standards. The subsequent carbon credits from these projects must have been issued before they can be listed for sale on Carbon Trade Exchange. These projects located all around the world are responsible for reducing, avoiding or sequestering carbon dioxide emissions or equivalent emissions such as Methane gas. The rules and regulations that define whether a project can ‘claim’ carbon offsets are set by independent not-for-profit organisations known as ‘standards’ and ensure that all carbon projects meet the following criteria:
- Additionality - the project must be additional to a business-as-usual scenario
- Permanence - the project must be able to guarantee greenhouse gas mitigation over the stated time period
- Leakage - the project must not transfer emissions to another locality
- Double counting - no more than one organisation can take credit for the offsets
- Accounting - credits on the CTX platform have to be issued before they are sold (i.e. not ex-ante)
- Co-benefits - whether the project provides additional benefits
- Validation and verification - the project must receive independent verification and the verifier must be an accredited and recognised independent third party
- Transparency - carbon credits should be supported by publicly available project documentation on a registry