BeZero Carbon, a CO2 ratings agency based in London, and OxCarbon, a University of Oxford non-profit spin-out, announced on May 31 they will collaborate on increasing transparency in the Voluntary Carbon Market.
OxCarbon aims to promote innovation in climate impact projects that are transparent and based on scientific best practices. BeZero Carbon is the biggest provider globally of ratings-based risk analysis in the Voluntary Carbon Market. The company provides market participants with the information needed for better net-zero decisions.
As part of the collaboration, OxCarbon will work with CO2 credit project developers, such as community-based projects and those supporting rural organizations, to engage with BeZero Carbon during the firm’s design phase. This will give developers the information necessary to disclose publicly so that BeZero Carbon can provide ratings for the market participants. This will not impact the rating that BeZero Carbon delivers, which follows a rigorous and independent analysis.
BeZero Carbon Ratings require projects to disclose sufficient information to justify their CO2 claims publicly, said Tommy Ricketts, CEO of BeZero Carbon. Partnering with OxCarbon will play an important role in ensuring the integrity of the credits and their fair assessment by investors, intermediaries, and end buyers, he also said. The combination of BeZero’s analytical expertise and OxCarbon’s scientific best practice approaches will increase the confidence for scaling financial investment into the high-quality CO2 projects necessary to fight the climate crisis, Ricketts added.
Data-driven and scientific approaches toward climate impact at scale are key to addressing the climate challenge ahead, said Stephen Lezak, Carbon Accounting Lead at OxCarbon.