Over the past few years, the political framework conditions for the voluntary and compliance carbon markets have changed. A crucial aspect here was the entry into force of the Paris Agreement, which paved the way for new rules in the private carbon market. myclimate previously reported on the possible effects for the private sector at a live event in May 2022.
The main focus of the regulatory changes is the mechanism known as Corresponding Adjustments (CAs). These provide for greater international transparency in climate protection, because they prevent emissions reductions from being accounted for by more than one actor. The aim here is to exclude the possibility that both a company financing a climate protection project and the host country of the project in question take credit for the relevant climate protection effort. The issuance of CAs is the responsibility of the respective host country, but so far no country has issued CAs, and since our live event this spring, it has become even clearer that CAs will not be available as quickly as hoped. This affects not only myclimate, but all players worldwide in the voluntary carbon market.
Why is this so important for myclimate customers? First and foremost because CAs will be a basic requirement in the future if companies, products and events are to be labelled as “climate-neutral”. myclimate has therefore worked intensively in recent months to continue to give companies an opportunity to support high-quality climate protection projects and to have their corporate commitment to climate protection recognised.
Climate protection projects: still a key to the global climate goal
Although elementary framework conditions of the voluntary carbon market have changed, the importance – and the effect – of climate protection projects and their financing with the help of the private sector remain the same. Whether they are local, regional or international: myclimate climate protection projects are an essential part of global climate protection. And not only that! They also make a measurable contribution to sustainable local development and thus to achieving the Sustainable Development Goals (SDGs) of the United Nations. myclimate aims to continue making this important financial support from the private sector as attractive as possible.
The new myclimate label "Engaged for Impact" is available from 2023
As the first climate protection organisation to do so, myclimate has consequently introduced a label that corresponds to the new reality of climate protection. The myclimate label “Engaged for Impact” (impact label for short) is awarded to companies or organisations that provide financial support, based on their carbon footprint as verified by myclimate, to climate protection projects that would otherwise not take place.
In this way, myclimate gives companies an opportunity to credibly communicate commitment to climate protection. Manufacturers who take responsibility for their activities and contribute to climate protection can distinguish themselves with the “Engaged for Impact” label. Meanwhile, there’s also a benefit to private individuals here, since they get support in making climate-conscious purchasing decisions.
The new impact label “Engaged for Impact” is a component of the holistic myclimate offering of advice, education and climate protection projects. myclimate thus intends – together with its partners – to continue advocating for an effective commitment to climate protection that avoids and reduces CO₂ and facilitates high-quality climate protection projects.