Requirements for BC projects Sample Clauses

Requirements for BC projects. The number of BC projects is gradually increasing; in addition to carbon sequestration, institutional design is underway to ensure project quality and promote initiatives that contribute to fair benefit sharing and biodiversity conservation. High-quality BC principles and guidance151 was released at COP27 held in Egypt in November 2022. The guiding principles are based on the following: the “Quality Assessment Principles for Voluntary Carbon Markets (Core Carbon Principles)152” proposed by the Taskforce on Scaling Voluntary Carbon Markets as key points that must be met by projects to avoid climate change and biodiversity crises and advance climate justice and the “Quality Assessment Principles for Voluntary Carbon Markets (Core Carbon Principles)” proposed by the Taskforce on Scaling Voluntary Carbon Markets and the Provisional Claims Code of Practice introduced by the Voluntary Carbon Markets Integrity (VCMI) Initiative153. The Core Carbon Principles call for additionality, baseline setting, permanence, avoidance of double counting, and avoidance of adverse environmental and social impacts that BC projects should consider. By contrast, The Code of Practice of VCMI requires carbon credit users to prioritize CO2 emission reductions before using credits to purchase high-quality credits and report on the transparency of credit use.
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