The Lack of Standardisation in Carbon Credits and Our Commitment to the Reykjavik Protocol

Jitka Volkova
February 27, 2024
Climate and carbon credits

The voluntary carbon market for nature-based solutions, including regenerative agriculture like Carboneg, does not yet have a uniform standardisation. We therefore decided to join the Reykjavik Protocol initiative in the autumn of 2023, committing to a structured framework for responsible, transparent and ethical marketing of carbon credits.

How does the Reykjavik Protocol contribute to addressing risks in carbon markets?

The Reykjavik Protocol is a set of principles that emerged from the 2023 Reykjavik Summit (Council of Europe Summit). The Protocol aims to remove structural risks in the carbon credits from nature-deployed pathways, providing suppliers with a clear and ethical framework for generating carbon credits. It emphasises using natural processes and the importance of integrating the best available scientific knowledge into credit issuance while removing industry-wide conflicts of interest.

"Nature-based carbon removal plays a critical role in our efforts to mitigate climate change, including in the ocean. The Reykjavik Protocol aims to reduce the structural uncertainty and risks the market currently faces across the supply ecosystem by adopting the prudent principles outlined," says Akash Rastogi, Innovation and Commercialization Strategist at Ocean Frontier Institute, one of the 12 authors of the Protocol.  

What lies ahead and what will follow?

Our commitment is to apply theprinciples of the Reykjavik Protocol to all our generated carbon credits overthe next two years. This includes adherence to the latest scientific practices,community engagement, monitoring plans and transparency in how we assessenvironmental and social impacts that come with the transition to regenerativemanagement.

Protocol in practice: what does our compliance look like?

We implement the latest scientific studies and cooperate with agricultural research institutes and accredited laboratories. We generate carbon credits according to the best available scientific practices. We hold regular meetings with project stakeholders to gather insights and feedback on project impacts. We regularly review our methodology, which encompasses the soil sampling procedure, sample analysis and the calculation of soil organic carbon accumulation. Currently at Carboneg, we are seeking validation and third-party verification of our carbon credits according to ISO 14064-2 and Gold Standard. We are committed to transparency, accountability and a sustainable approach in all our operations.  

In recurring discussions with farmers in the Czech Republic, Slovakia and other countries where we operate, we see concrete impacts on the landscape and agricultural production in fields where farmers are converting to regenerative farming. Soils absorbs water better and fields are more resilient to extreme weather events. Regenerative farmers involved in our programme use less fertiliser and pesticides, supporting biodiversity both above and below ground. We are convinced that they cannot do so without financial and systemic support. Together, we can help to combat the climate crisis and create a sustainable future for our planet.

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