CO₂ offsetting only has an impact when compensation payments are actually directed straight to climate protection projects. As a non-profit foundation, myclimate guarantees that at least 80 per cent of offsetting payments will be used directly in climate protection projects. The remaining maximum 20 percent is needed by the foundation to cover administration and internal costs.
Only projects that meet the globally recognised, highest standards can successfully help protect the climate. So myclimate draws on the strictest, most independent quality standards, like Gold Standard in the energy sector as well as Plan Vivo and VCS (incl. CCB and/or SD-VISta) in land usage, when selecting and structuring its own climate protection projects. The foundation works closely with experienced and independent partners in the respective countries to implement climate protection projects. These local partners make sure that local projects are realised professionally, and they also regularly review the projects’ impact. In addition, climate protection projects undergo an annual review by another independent, external body.
myclimate supports projects that use renewable energies, realise energy-efficiency measures or cut methane emissions, as well as reforestation and new forest initiatives or renaturation of moorland, which reduce the pressure on forests and biodiversity “hot spots”. Climate protection projects result in lower CO₂ emissions whilst contributing significantly to sustainable development in the region, and thus benefit people and nature directly. myclimate demonstrates this transparently for each individual project using the UN’s Sustainable Development Goals (SDGs).
myclimate projects in developing and emerging countries are VER projects (VERs are Verified Emission Reductions) for voluntary offsetting. All energy-related climate protection projects are tested against Gold Standard criteria. The myclimate projects in the land usage segment meet either the guidelines of Plan Vivo – the most well-known and proficient standards in this field – or the guidelines of VCS, if they are additionally verified with the CCB (Climate, Community & Biodiversity) and/or SD-VISta standard (Sustainable Development Verified Impact Standard).
In addition, the projects are complemented by our own strict due diligence, and their selection is based on myclimate’s own stringent criteria.
myclimate supports climate protection projects on a service-specific basis. Only emissions reductions that have actually been realised and can be proven over a longer contract term of 7 to 14 years are accounted for in energy projects. Offsetting payments are normally paid out to the supported projects once reductions are realised. The actual contribution amount depends on the volume of climate-impacting emissions saved. Land usage projects (forest, moorland, agriculture) are slightly different in that their timelines naturally stretch over a longer span of 30 to 50 years.
myclimate guarantees its customers that emission reductions achieved (= climate donations) through energy projects will be realised at the latest within two years in climate protection projects and will be retired after a maximum of three years. Carbon storage in forests occurs within 10 to 30 years, depending on the project region and tree species. There are comprehensive, special mechanisms in place to monitor the reductions achieved in forestry.
The offsetting mechanism enables myclimate to finance the additional costs that (inevitably) arise from the use of renewable sources of energy in place of fossil fuels. It would be impossible to effectively realise projects without covering these additional costs. The price depends on the size of the project, the technology used and the country where the project is running. myclimate offers the option to offset in two different project portfolios with average prices or in selected specific projects: