Gold Standard To Pilot Requirements For Government Emission Reduction Policies

Gold Standard To Pilot Requirements For Government Emission Reduction Policies - Carbon Herald

The Gold Standard – a leading standard setter for climate and sustainable development projects, has introduced innovative Policy Requirements and Procedures to certify the impact of government emission reduction policies.

This new initiative, currently in its pilot phase, offers a path for carbon finance to support large-scale climate action, according to a media release Tuesday.

Governments can now achieve certification and credit issuance for emission reductions achieved through policies or regulations.

The Policy Requirements and Procedures provide a financial mechanism to incentivize new climate policies, directly leading to greenhouse gas (GHG) reductions or removals.

They are aligned with other requirements under Gold Standard for the Global Goals, ensuring comprehensive safeguarding, sustainable development, and stakeholder consultation.

Gold Standard will certify the impacts on climate and sustainable development from new policies or regulations, focusing on energy and land use sectors.

These certified impacts can generate credits expected to be authorized as Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6 of the Paris Agreement.

This enables governments to finance new policies in other countries that drive GHG reductions while counting these reductions towards their own Paris Agreement targets.

Relevant: Gold Standard Releases Digital SDG Impact Tool For Its Projects

The Requirements and Procedures were developed as part of the initiative “Development of Paris Agreement Compliant Carbon Standard for Policy Approaches,” supported by the Global Green Growth Institute (GGGI).

Margaret Kim, CEO of Gold Standard, stated, “We are excited to launch the pilot phase of our Policy Requirements and Procedures, offering a robust framework for policy-based climate action.”

She highlighted that this initiative demonstrates their dedication to implementing bold and innovative measures to achieve large-scale impact and to assist governments in meeting their climate commitments.

Gold Standard is seeking governments and interested parties to participate in this pilot phase, initially limited to a few jurisdictions.

Read more: Gold Standard And The Indonesia Carbon Trade Association Launch Taskforce

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