Carbon Certificates

Verra, which is based in Washington DC, operates a number of leading environmental standards for climate action and sustainable development, including its verified carbon standard (VCS) that has issued more than 1bn carbon credits. It approves three-quarters of all voluntary offsets. Its rainforest protection programme makes up 40% of the credits it approves and aims to generate revenue to be used for protecting ecosystems.

Unfortunately, according to a recent investigation, the forest carbon offsets approved by Verra, which, as the world’s leading certifier, is used, among others, by Disney, Shell, and Gucci, are apparently, to a large extent, worthless and could, in fact, negatively impact global heating.

Research has found that, up to 90% of their rainforest offset credits do not represent genuine carbon reductions!

Verra argues that the conclusions reached by the studies are incorrect, and questions their methodology. They also point out that their work since 2009 has allowed billions of dollars to be channeled to the vital work of preserving forests.

However, according to two studies, one by the University of Cambridge, only a handful of Verra’s rainforest projects showed evidence of deforestation reductions, with further analysis indicating that 94% of the credits had no benefit to the climate. The threat to forests had been overstated by about 400% on average for Verra projects, according to analysis of a 2022 University of Cambridge study.

We in the GRO community heartily support and applaud active journalism and encourage our members to be on the alert for, at worst, fraudelent and at best untrue claims of carbon offsetting by companies great and small.

The GRO Initiative is dedicated to creating 100% new forest cover exclusively on degraded public land with low initial biomass managed by a dedicated community-based organization with no access to funding for reforestation.

The GRO Initiative uses a decentralized approach of aggregating multiple small and large reforestation sites operating under the same methodology, monitoring and reporting plan. Use of the land is granted by the respective local authority together with a guarantee of suitability for tree planting and a recommendation of which native trees are to be planted. Last but not least, there must be a guarantee of non-logging or replacement for a minimum period of 60 years.

The GRO Initiative primarily generates returns by selling Carbon Credits and Carbon Credit Futures via Brokers, and Exchanges. It also aims to directly sell initiative Partnerships to organizations that aim to integrate “Plant a Tree” incentives of “Certified Green” labels into their marketing. As a further means of raising funds, GRO has launched the Blockchain GRO Token. This token is aimed at individuals who want to support reforestation and social impact projects long-term but need the added incentive to either earn from future Carbon Certificate sales or to to have themselves or their organization become certified as green.

GRO believes that by ensuring that forests remain intact and by GROwing new forests we can contribute to staying within a 1.5C limit.

Carbon offset markets do have a place, as we have few other mechanisms, but; they really have to be highly regulated. Otherwise, the public will, justifiably, remain quite skeptical of the carbon markets.

What are Carbon Offsets?

Carbon offsets are a mechanism that allows individuals, organizations, and companies to take responsibility for their greenhouse gas emissions by supporting projects, such as those of the GRO community, that reduce or remove carbon dioxide (CO2) or other greenhouse gases from the atmosphere. The concept is based on the idea that emissions from one source can be compensated for by reducing emissions or capturing carbon elsewhere.

This is how carbon offsets typically work:

Measuring emissions: The first step is to measure the emissions produced by a person, organization, or company. This can involve calculating the amount of CO2 or other greenhouse gases emitted directly (e.g., from burning fossil fuels) or indirectly (e.g., from electricity consumption or transportation).

Setting a baseline: A baseline is established to determine the emissions that need to be offset – e.g. by my car, my hot showers, my jetting to holiday destinations etc.. It represents the amount of emissions that would occur without any intervention or reduction measures.

Identifying offset projects: The next step is to select and support projects that reduce or remove greenhouse gases. These projects can take various forms, such as renewable energy initiatives (e.g., wind farms or solar installations), GRO’s reforestation and afforestation efforts, energy efficiency programs, or the deployment of technologies that capture and store CO2 emissions.

Verification and certification: It is crucial to ensure the integrity and effectiveness of offset projects. Independent third-party organizations verify and certify the projects to ensure they meet specific standards and criteria. These standards vary but commonly include additionality (the project must result in emissions reductions beyond what would have happened anyway), measurement and monitoring of emissions, and long-term sustainability. We GROers welcome the most intense scrutiny of our activities.

Purchase and retirement of offsets: Once the offset projects are verified and certified, carbon offsets can be purchased from them. The number of offsets needed depends on the amount of emissions that need to be offset. When offsets are purchased, they are typically “retired,” meaning they cannot be resold or double-counted.

Offsetting emissions: By retiring carbon offsets, the emissions produced by you or me, an organization, or company are effectively balanced out. The reduction in emissions or removal of CO2 achieved by the offset project compensates for the emissions produced elsewhere, resulting in a net neutral or lower carbon footprint.

Let me emphasize: GRO does not claim that carbon offsets are a silver bullet for addressing climate change. Our measures are most effective when combined with efforts to reduce emissions at their source, such as energy efficiency measures, transitioning to renewable energy sources, and adopting sustainable practices.

Once again, we really strive to get it right. We invite scrutiny and welcome suggestions on how we can improve. We want to GRO.