New Guidance Sheds Light On Climate Action Beyond Value Chain Mitigation

New Guidance Sheds Light On Climate Action Beyond Value Chain Mitigation - Carbon Herald

Three notable companies in the realms of climate change mitigation have teamed up to provide a robust guide on how companies can take responsibility for reducing global emissions. The pioneering climate standards setting organization Gold Standard, in partnership with leading climate impact platform Milkywire and the charity encouraging climate action Murmur, have released on March 18th a step-by-step guide on how to implement Beyond Value Chain Mitigation (BVCM). 

The guidance called Funding Beyond Value Chain Mitigation includes several practical steps on how to reduce global emissions or the companies’ unabated greenhouse gas emissions in line with science as the world is currently in a state of climate emergency.

Relevant: Gold Standard To Partner With Milkywire And Murmur On Beyond Value Chain Mitigation

Beyond value chain mitigation is a term often used in the narrative of taking climate action that refers to companies going above and beyond just their value chain when contributing to emission reductions or removals and thinking about taking part in achieving societal net zero. These actions are not accounted for in the company’s scope 1 to 3 emissions and cannot be used towards achieving value-chain reduction targets. 

Credit: Gold Standard, Milkywire, Murmur

BVCM climate actions are those that help to mitigate climate change like projects generating carbon credits such as nature conservation, energy efficiency, renewables development, and carbon removal technologies. Thinking beyond carbon credits, companies can also invest in projects dedicated to ocean conservation, rewilding, climate education, climate advocacy or climate justice. 

The goal of the guidance is to provide a step-by-step framework for robust climate action that is supplementing but not displacing companies’ efforts towards decarbonising their own value chains. The approaches also aim to present a shift from ‘traditional’ carbon offsets to more guaranteed contributions to global climate targets through funding external actions. 

The guidance outlines in detail four main actions in taking responsibility, accompanied with a to-do list on how they could be accomplished, key decisions involved with those climate actions and their expected outcomes. 

Relevant: SBTi Releases Two Reports To Support Beyond Value Chain Mitigation

The new guidance builds on the recently launched BVCM reports from the SBTi and the Gold Standard (GS) Initial Framework for Organizational Climate Strategies, recommending principles organizations should apply to become positive contributors to global net zero efforts.

Milkywire, The Gold Standard and Murmur are also hosting a webinar on 27 March 2024 at 14:00 GMT/15:00 CET where they will talk about the launch of the step-by-step guidance. Attendees will also hear from leading NGO’s and companies about how to incorporate BVCM into their plans.

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