Emission Reduction Projects
Supporting Voluntary Emission Reduction Projects
A number of certified Voluntary Emission Reduction (VER) project standards have been published internationally and nationally such as the Gold Standard, Verified Carbon Standard (VCS), and the China Certified Emission Reduction (CCER). The Gold Standard is a carbon credit mechanism administered by the Gold Standard Foundation, a nonprofit foundation headquartered in Geneva. It can also be used to supplement the social impact of certified emission reductions under the Clean Development Mechanism (CDM). VCS was established by carbon market participants, such as climate organizations, the International Emissions Trading Association, World Business Council for Sustainable Development, and World Economic Forum, to provide certification and credit issuance services for VER projects.
In June 2012, China issued “Interim Measures for the Administration of Voluntary Greenhouse Gas Emission Reduction Transactions,” which stipulates that projects participating in VER transactions and the reductions generated by VER projects must be filed and registered with national government authorities. The transactions must also be recorded in the trading institutions registered by local government authorities. Based on the actual situation of the O⬝PARK2 demonstration project, the extent of application of the VER standards, and their applicability, CSHK will take the initiative to purchase VERs to offset the remaining carbon emissions.