6 carbon credit standards approved under CORSIA phase 1 updates

CORSIA recently reviewed and approved six carbon credit standards for its first phase. These include Winrock International's US Carbon Registry and Architecture for REDD+ Transactions, which were approved without exceptions. The Climate Action Reserve (CAR), Global Carbon Council (GCC), Gold Standard and Verra's VCS program were conditionally approved, while the CDM did not qualify for Phase I. CORSIA allows credits from 2021 with an appropriate adjustment to avoid double counting. This adjustment ensures that the credits used for CORSIA do not overlap with the country's emission reduction targets under the Paris Agreement. The mechanism ensures that the allocation of credits represents real carbon reduction activity and sales, thereby strengthening the integrity of the carbon market. CORSIA's Technical Advisory Body (TAB) recommendations from the review are impacting the market by increasing demand for approved loans. This doesn't just apply to airlines, it signals to other buyers to consider "best in class" credits. This will affect both currently available and future credits, increasing demand in both cases. However, some high-quality credits approved by ICROA are not accepted under CORSIA, which affects their eligibility. (Carboncredits.com, Jennifer L)

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