Tackling climate change through woodland planting
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The first units of carbon dioxide set to be sequestered, or removed from the atmosphere, by woodlands validated under the UK’s Woodland Carbon Code have been up for sale for the first time.
The Woodland Carbon Code (WCC) is the standard for woodland creation projects in the UK which generate verifiable Woodland Carbon Units (WCUs). These are measurable amounts of carbon dioxide (CO2) removed from the atmosphere by the growing trees.
From April 2013, UK-quoted companies have been required to report their gross CO2 emissions. Under the UK Government’s Environmental Reporting Guidelines, all companies have an opportunity to report WCUs created through carbon sequestration in WCC-verified woodland creation projects to help compensate for their gross emissions.
Now, businesses seeking to compensate for their greenhouse gas emissions can buy ‘Pending Issuance Units’ (PIUs) from the woodland project owners. PIUs represent ‘promises to deliver’ Woodland Carbon Units in the future once the trees have grown and the carbon sequestration has been verified.
Once verified, PIUs can be converted into WCUs and used to report against emissions. Verified WCUs will begin to come on stream when the longest-established WCC-certified woodlands are verified in 2016.
Dr Vicky West, climate analyst with the Forestry Commission, which administers the Woodland Carbon Code, explained: “PIUs represent units of woodland carbon to be sequestered in the future, and can only be used to report against emissions after they have been verified.
“However, buying them now allows companies to plan their compensation for future emissions while helping to tackle climate change and contributing a wide range of other environmental and social benefits.”
The PIUs for sale are listed on the Markit Registry, and Kathy Benini, managing director at Markit, added: “The listing for sale of the first Pending Issuance Units on the Markit Registry is an important and exciting step forward for all participants.
“We look forward to it adding momentum to the creation of a transparent and efficient market for credits in the innovative Woodland Carbon Code programme.
“It has been a privilege to work with the Forestry Commission to establish this important initiative for tackling climate change through woodland planting.”
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