01673 818443Here's the latest news from the Forestry Commission regarding the UK Woodland Carbon Code and its recent launch on Markit Registry;
The United Kingdom's Woodland Carbon Code (WCC) has been launched on the Markit Environmental Registry, with a view to enhancing the transparency and accountability in the trade in British Woodland Carbon Units.
Carbon dioxide (CO2) sequestered, or absorbed, by WCC-validated woodlands in the UK can be traded, and the development enables changes of ownership of each tonne to be tracked. The registry will also record when projects are registered and credits are listed, and when carbon units have been "used" by a company in its carbon account.
Forestry Minister David Heath, who spoke at the launch event in London, said
"The Woodland Carbon Code provides an authoritative means of assurance to those who wish to invest in new woodland planting to compensate for some of their unavoidable greenhouse gas emissions. By investing in new woodlands validated as meeting the code's standards, they receive assurance that their investment will be wisely spent on well managed, sustainable woodlands which really will deliver the carbon benefits claimed."
Units of carbon sequestered by Code-validated woodlands are accurately measured and recorded by a robust carbon-accounting system, and Mr Heath added,
"The Code's launch on the Markit Environmental Registry takes that process an important step further by allowing anyone to see who owns individual units of carbon. It also tracks changes in ownership and, importantly, use of carbon units.
"It also adds assurance to carbon buyers by tracking forwards sales of carbon units in long-term woodland carbon projects. This brings welcome clarity, transparency and accountability to the developing woodland carbon market in the UK.
"By enhancing the attractiveness of private investment in woodland establishment, this initiative has the potential to make a valuable contribution to our priority goals of growing the rural economy and improving the environment for everyone."
Kathy Benini, managing director of the Markit Environmental Registry, said:
"It is an honour to work with the Forestry Commission and provide the infrastructure for this important initiative.
"Our registry is a centrepiece of environmental programmes worldwide, and we look forward to providing the tools needed to create a transparent and efficient market for credits in the innovative Woodland Carbon Code programme."
The Markit Environmental Registry also provides an introductory mechanism for bringing together buyers and sellers of woodland carbon units, although it is not a trading platform.
The WCC is administered by the Forestry Commission, and further information is available from www.forestry.gov.uk/carboncode.
The Markit Environmental Registry provides infrastructure to the global carbon, water and biodiversity markets, enabling participants to track environmental projects, and issue, transact and retire serialised environmental credits. It lists 150 million environmental credits across 20 market-based standards and programmes for users in nearly 80 countries. Further information is available from www.ihsmarkit.com.
