Eight of the world's leading carbon offset firms have today joined forces to launch a new trade group designed to promote the emerging global market for carbon offsets.
The International Carbon Reduction and Offset Alliance (ICROA) brings together UK-based operators Carbon Clear, The CarbonNeutral Company, ClimateCare, co2balance and targetneutral with US firms Native Energy and TerraPass, and Australian outfit Climate Friendly.
Each of the founding members has signed up to a new code of best practice designed to underline their adherence to international offsetting standards.
ICROA spokesman Edward Hanrahan said the code of practice required firms to measure carbon emissions based on international standards, adopt transparent reporting procedures, use credible offsets that adhere to principles of additionality and independent verification, and submit an annual report to ICROA demonstrating compliance with the code.
He added that the aim of the group was to "show clear blue water between quality operators and non-quality operators".
The group is also expected to provide a unified voice for the industry to partake in policy discussions designed to impose higher standards on the sector, such as the UK government's plans for a new standard for carbon offset projects.
Hanrahan said that ICROA would have an influential position in the booming carbon offset market. "There is a belief that the offset market is very fragmented with lots of different operators, but that is not the whole picture, " he said. "Some 95 per cent of offsets by volume are sold by established quality operators, which we would recognise as the eight ICROA organisations and myclimate and Atmosfair."
He added that he hoped Germany-based Atmosfair and Switzerland-based myclimate would join ICROA.
The title of the new organisation has been chosen to address concerns that offsetting can give customers a "license to continue to pollute" and emphasise offsetting firms' broader carbon reduction activities, according to group UK co-chair Jonathan Shopley.
"Our goal is quite simple: To ensure that businesses and individuals reduce their GHG emissions," he said. "We encourage our customers to make changes to their daily activities and to complement those direct reductions with the purchase of high-quality offsets."
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