12 Oct 2010

CCA highlights importance of high quality credible carbon offset

CCA highlights importance of high quality credible carbon offset (12/10/2010)
In response to the recent reports (SCMP, 10 October 2010, p1) on carbon credits related to the industrial gas HFC23, CCA shares the concerns of questionable carbon credits and reiterate the importance of supporting carbon credits which are strong in ‘additional’ carbon reduction results, technological transfer and financing of renewable energy, and ‘co-benefits’ to protection of healthy ecology and sustainable development.Renewable energy and resource conversation projects, such as wind power, hydro power, landfill gas recovery, afforestation and reforestation, have been the focus of CCA carbon credits portfolio. CCA does not offer HFC-23 as its carbon offsets projects.

It is worth noting that out of the nearly 2,500 carbon reduction projects registered under the UN system, only 19 of them are projects related to HFC-23. Although the transaction of HFC-23 related carbon credits are common in the European market, CCA is not aware that any of such credits have been promoted or transacted in the Hong Kong voluntary carbon credit market.

CCA has always supported carbon offsets according to the most stringent international standards which are supported not only by government bodies and the United Nations authorities, but also by creditable multi-stakeholders bodies such as the Gold Standard, Voluntary Carbon Standards, and the Climate, Community and Biodiversity Standard.

For details on CCA’s quality assurance program in the selection and transaction of carbon credits, please visit our website here.