Publication Date:
2024-01-31
Description:
Carbon accounting is essential for quantifying carbon removal and determining required offsets. The valuation goes beyond mere measurement, taking into account factors such as temporary storage and the social cost of carbon (SCC). These valuations inform the issuance of carbon offsets, but governance frameworks also play a role in their issuance. For ocean-based carbon removal methods, such as ocean iron fertilization and blue carbon projects, cost-benefit accounting supported by SCC assessments is appropriate. Challenges arise for integration compliance systems such as the EU Emissions Trading Scheme (EU ETS). To align compliance systems with carbon accounting, an intermediary institution could facilitate the purchase and resale of international offsets while managing non-permanent storage liabilities. Ocean alkalinity enhancement, among ocean-based CDR methods, may fit into net accounting if monitoring, reporting, and verification (MRV) challenges are addressed. A proposed MRV approach based on the regulation of nonpoint source pollution can address these concerns.
Type:
Report
,
NonPeerReviewed
,
info:eu-repo/semantics/book
Format:
text
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