By
·
3 minute read
At Proba, we have published the first version of our Proba Standard. The Proba Standard is a carbon crediting standard which consists of a set of rules and guidelines used to measure, verify, and certify the reduction or removal of greenhouse gas emissions.
The outcome of this certification process, governed by the standard, are credible and tradable carbon credits, representing 1 metric tonne of CO2e .
For businesses, the credits are an instrument to validate efforts and provide a revenue stream to help fund their sustainability initiatives. The companies which buy them can use them to offset residual emissions or claim the sustainability benefits in the context of their supply chain decarbonization.
We're focused on keeping our program strong for the long haul and making sure there are good checks and balances to guide our team through the decisions we make.
The Proba Standard adheres to the 10 Core Carbon Crediting Principles
1. Effective governance
The carbon-crediting program shall have effective program governance to ensure transparency, accountability, continuous improvement and the overall quality of carbon credits.
2. Tracking
The carbon-crediting program shall operate a registry to uniquely identify, record and track mitigation activities and carbon credits issued to ensure credits can be identified securely and unambiguously.
3. Transparency
The carbon-crediting program shall provide comprehensive and transparent information on all credited mitigation activities. The information shall be publicly available in electronic format and shall be accessible to non-specialised audiences, to allow scrutiny of mitigation activities.
4. Robust independent third-party validation and verification
The carbon-crediting program shall have program-level requirements for independent third-party validation and verification of mitigation activities.
5. Additionality
The greenhouse gas (GHG) emission reductions or removals from the mitigation activity shall be additional, i.e., they would not have occurred in the absence of the incentive created by carbon credit revenues.
6. Permanence
The GHG emission reductions or removals from the mitigation activity shall be permanent or, where there is a risk of reversal, there shall be measures in place to address those risks and compensate reversals.
7. Robust quantification of emission reductions and removals
The GHG emission reductions or removals from the mitigation activity shall be quantified, based on conservative approaches, completeness and scientific methods.
8. No double counting
The GHG emission reductions or removals from the mitigation activity shall not be double counted, i.e., they shall only be counted once towards achieving mitigation targets or goals.
9. Sustainable development benefits and safeguards
The carbon-crediting program shall have clear guidance, tools and compliance procedures to ensure mitigation activities conform with or go beyond widely established industry best practices on social and environmental safeguards while delivering positive sustainable development impacts.
10. Contribution toward net zero transition
The mitigation activity shall avoid locking-in levels of GHG emissions, technologies or carbon-intensive practices that are incompatible with the objective of achieving net zero GHG emissions by mid-century.
Why, you may think, are you creating a Carbon Crediting Standard? There are many out there already. How is it different?
Supply chain decarbonization
In the context of Scope 3 emissions the Proba Standard allows for claiming and allocation of carbon credits. This is addressed with specific procedures and frameworks.
It allows for the efficient allocation and claiming of carbon credits within supply chains, enhancing the integrity and credibility of emission reduction efforts. The system's flexibility in claiming and allocation, coupled with stringent measures to prevent double counting and ensure credit uniqueness, makes it a robust framework for organizations looking to reduce their Scope 3 emissions.
Technology can be a real game changer.
Technology can really help create better credits. Proba is a technology company as well. We use blockchain and off-chain technology for credit management, data integrity and enhanced security for credit ownership.
Our platform offers advanced integration services, enabling project developers and verifiers to automate processes, and add more data and evidence in the process of measuring and verifying the impact of the sustainability projects.
The Proba Registry consists of data ledgers that describe GHG projects and assets, entitlements generated after verification of yield, and the actual issued carbon credits. This structured approach facilitates the tracking of credits through their lifecycle.
The result is improved transparency and credibility of the credits which get issued and claimed. Our publicly accessible registry, filled with diverse data, demonstrates our commitment to enhancing the transparency and credibility of the credits that are issued and claimed.
At Proba, we firmly believe that technology simplifies accessibility to funding for sustainability initiatives, while putting transparency and credibility at the forefront.
Standing on the shoulders of giants
The Proba Standard makes use of various ISO standards. This helps a lot. We leverage the extensive research, expertise, and best practices that are already established in the field. This approach not only ensures high-quality and credible processes but also fosters trust and confidence among stakeholders. It demonstrates a commitment to maintaining global standards in environmental and quality management. This strategic decision to align with ISO standards underscores Proba's dedication to excellence and continual improvement,
So, we’re confident that the Proba Carbon Crediting Standard will help many organizations to do more to decarbonize our planet. We hope you like it and are super curious to your questions and feedback.