Accounting for refrigerants: sustainability goals

A “Safe” Boundary

A 1.5 ℃ difference in temperature might offer some respite during the brutal winter, allowing you to wear a light jacket in lieu of your usual heavy-duty parkas. But against the backdrop of impending climate catastrophe, global temperature stabilization within the "safe boundary" (less than 1.5 ℃) is critical. Analysis conducted by the Earth Commission indicates that global mean surface temperatures must remain at or below 1.5 ℃ to limit the exposure of global communities to unprecedented temperatures and long-term sea level rise. Even at this level, it is still expected to impact hundreds of millions of people.  Despite the urgency of this crisis, global policies currently in effect are still projected to allow for a 2.7°C rise in temperature by 2040.

The Science-Based Targets Initiative (SBTi)

For this reason, climate-informed initiatives like the Science-Based Targets initiative (SBTi) are calling on companies to invest in climate change mitigation activities outside their value chain that contribute to societal net-zero goals, referred to as Beyond Value Chain Mitigation (BVCM). Companies can do their part by financing projects that reduce emissions, but this direct action must increase by at least seven times by 2030, reaching a cost of at least USD 4.3 trillion per year, compared to approximately USD 665 billion today. While private sector climate finance is increasing, The Climate Policy Institute argues that it is not doing so at the necessary pace considering public sector capacity constraints.

Offsets: Immediate Action

Offset projects are a class of BVCM strategies under the SBTi protocol that, with proper design and

implementation, can contribute significantly to corporate sustainability goals.

Carbon offsets are emissions reduction activities used to compensate for emissions that occur elsewhere. The benefits accrued from offset projects are realized as carbon offset credits; one offset credit represents an emissions reduction of one metric ton of CO2 or an equivalent GHG amount (mtCO2e). These transferable units are delivered by independent certification institutions or governmental bodies. As a purchaser of a credit, you leverage the opportunity to advance your sustainability goals by "retiring" the credit to claim the associated benefits.

Carbon offsets can be an effective mitigation strategy for both reducing and communicating the gravity of your climate impact and associated efforts. When purchasing offsets, be sure to choose high-quality projects that are: additional (emissions reductions would not occur without revenue from the sale of carbon credits), permanent, and accurate (not overestimated).