Where does the money go and how do I know the credits are legitimate?
Your money goes to buying Gold Standard Carbon Credits. There are a number of factors that differentiate high-quality carbon offsets. Standards concerned with measuring and accurately accounting for GHG emissions have been developed to provide global uniformity of measurement. The most widely recognised global standard to date is the Gold Standard an independently audited, globally applicable best practice methodology for project development that aims to deliver high quality carbon offsets.
What is the Gold Standard?
The Gold Standard Foundation is a non-profit organization under Swiss law that operates a certification scheme for premium carbon credits. Gold Standard is a best practice methodology and a high quality carbon credit label for both Kyoto and voluntary markets. It is the daddy of all the offsetting standards, with backing from everyone and their dog including lots of environmental groups, Gold Standard methodology was created to facilitate the move from fossil fuels to renewable energies. Your money will go directly to a project which has immediate positive impact, both on the local communities and the environment.
Who is behind it?
The Foundation is owned by its NGO supporters, currently numbering over 60 non-governmental organizations worldwide. These include World Wide Fund for Nature (WWF), SouthSouthNorth, and Helio International. It’s sponsors include some of the largest organizations in the world First Climate, JPMorgan Climate Care, One Carbon, TFS, Tricorona, BNP Paribas just to name a few.
How do the projects we give money to get Gold Standard Certification?
Project seeking the gold standard certification must undergo a stringent approval process. To be eligible for Gold Standard Certification, a project must:
1. Be an approved Renewable Energy Supply or End-use Energy Efficiency Improvement project type.
2. Be reducing one of the three eligible Green House Gases: Carbon Dioxide (CO2), Methane (CH4) and Nitrous Oxide (N2O).
3. Not employ Official Development Assistance (ODA) under the condition that the credits coming out of the project are transferred to the donor country.
4. Not be applying for other certifications, to ensure there is no double counting of Credits.
5. Demonstrate it's 'additionality' by using the United Nations Framework Convention on Climate Change's (UNFCCC) Large Scale Additionality Tool; and show that the project is not a 'business-as-usual' scenario.
6. Make a net-positive contribution to the economic, environmental and social welfare of the local population that hosts it.