Glossary

Change Advisory Board. A governance forum typically used in enterprises to govern, assess and manage change.

A carbon budget is the amount of carbon dioxide that may be emitted over a period of time in order to keep within a certain temperature threshold.
Many countries, including Ireland, use carbon budgets to guide policy and track & manage their obligations under climate change legislation.

Carbon capture and storage involves capturing carbon dioxide before it enters the atmosphere and storing it or sequestering it underground in a geological formation.

Source: Wikipedia

Processes or technologies which remove carbon dioxide from the atmosphere. Natural removal processes include afforestation and peatland rehabilitation. Artificial methods include direct air capture and storage.

See Also: BECCS, Carbon Capture and Storage

When the amount of CO2 emitted equals the amount of CO2 absorbed.

As most enterprises do not have on-site peatlands to absorb the CO₂ they produce, those looking to achieve net zero targets often turn to carbon offsetting. Offsetting involves investing in a project or third party which absorbs CO₂ on your behalf or purchasing carbon credits from the carbon market.  Third parties who sequester carbon on behalf of enterprises include NGOs and enterprises who plant forests and trees, restore wetlands & coastal ecosystems and rehabilitate peatlands as well as enterprises who use negative emissions technology (NET) or carbon dioxide removal technologies (CDRT) to remove CO₂ from the atmosphere. Note: Negative emissions technologies or carbon dioxide removal technologies (CDRT) are predominantly in their infancy and not yet available for large scale deployment. They cannot therefore be relied yet on as a major solution to climate change and doing so risks missing opportunities for real climate change mitigation in the meantime.

When offsetting through the carbon market, many enterprises purchase carbon credits to offset or compensate emissions caused by air travel or other activities so that they can deduct these emissions from their carbon balance sheet. In market terms one carbon credit equates to one tonne or 1000kg of CO_2.  Air travel emissions can be calculated using ICAO’s Carbon Emissions Calculator but as an example, a round-trip flight from London to Rome produces 273kg (0.27 tonnes) per person with a round trip from Dublin to New York producing 560kg or half a tonne of CO_2. per person.
Ecosystem Marketplace conducts annual surveys on carbon credit pricing in the voluntary market and can be used to reference average carbon credit prices.

Gold Standard, a not-for-profit enterprise, founded by WWF and other international NGOs advises enterprises against going with the lowest cost carbon offset option. Allowing the market to drive competition and reduce cost in the instance of carbon offsetting really defeats the purpose. Tackling climate change is not just about removing carbon dioxide from the atmosphere, it’s also about tackling the issues of social justice that are intrinsically linked to climate change and its root cause, namely inequitable globalisation & unfettered neoliberalism. Carbon offsetting projects, not only result in the increased ability for natural based solutions to reduce global emissions or absorb CO₂ from the atmosphere but they also provide jobs and livelihoods and improved living conditions for people in vulnerable areas. Driving costs down through market behaviour may result in projects in these areas being stopped because the project is being judged on one number, the amount of CO₂  sequestered, rather than on the real or total value of the project which is improved health & well-being for local communities.

Fairtrade in conjunction with Gold Standard have developed a Fairtrade Climate Standard which supports smallholders & local communities in producing Fairtrade Carbon Credits and getting access to the market (See their explainer video here). Gold Standard have a list of projects and initiatives enterprises can offset through in their marketplace.

As it is nearly impossible for an enterprise to be carbon neutral on their own, it can be argued that offsetting has its place but it should not be used as the primary solution for an enterprise to become net zero. Globally we will only succeed if every enterprise makes a concerted effort to reduce their own emissions by changing how they work. It is too easy and ultimately irresponsible for enterprises to transfer the responsibility of clean-up to someone else. Like every issue, prevention is better than cure.

CDP on behalf of the Science Based Targets Initiative (SBTi) has issued guidance for enterprises setting net zero targets which includes information on offsets.

See Also: Carbon Offset Guide 

Purchasing carbon credits from the carbon market or investing in a project or third party which absorbs CO2 on your enterprise’s behalf.

The opposite of emission is absorption. To balance the natural cycle of CO₂ emissions from human and animal respiration, decomposition and ocean release, the Earth absorbs CO₂ through natural sinks or reservoirs, i.e. the atmosphere, land (peatlands, forests, rocks, soil, etc), ocean and fossils. As we are now burning the reservoir of carbon stored in fossils through our use of fossil fuels (coal, oil, gas) we are releasing or emitting more CO₂ than can be absorbed by Earth through its natural carbon sinks. This excess of CO₂ in the atmosphere means more heat is trapped in the atmosphere which increases Earth’s overall surface mean temperature.

Convention against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment.

Convention on Biological Diversity.

See also: Kunming-Montreal GBF.

Carbon Capture and Storage.

Clean Development Mechanism, defined in article 12 of the Kyoto Protocol which extended the United Nations Framework Convention on Climate Change (UNFCCC).

Carbon dioxide Removal Technology.

Carbon Disclosure Standards Board.

Note: CDSB and Value Reporting Foundation, previously independent providers, have now both been consolidated into the IFRS Foundation to provide staff and resources to the International Sustainability Standards Board (ISSB).

Convention on the Elimination of All Forms of Discrimination against Women.

Certified emission reduction (credits).

Currently we operate in a 'take-make-use-dispose' linear pattern of consumption. This involves taking resources from the environment, making them into products, goods, packaging, etc. which are then used by consumers and disposed of, either in their entirety or in smaller components of waste. This results in an on-going depletion or dispersion of natural resources which contributes to environmental damage, biodiversity loss, pollution, waste and the depletion of finite, irreplaceable resources.

Transitioning to a circular economy involves eliminating waste and pollution, re-using, repairing or recycling resources, products and materials and regenerating nature.

Source: Ellen MacArthur Foundation; European Commission Circular Action Plan 2020.

The increase in the global mean atmospheric temperature which occurs in response to an increased level of greenhouse gases (GHGs) in the atmosphere.

Taking steps to adjust to the current consequences of climate change and to prepare for the future predicted impacts.

Limiting or preventing greenhouse gas emissions and by enhancing activities that remove these gases from the atmosphere.

Materials can be recycled into the same product repeatedly, e.g. aluminium cans.

Carbon dioxide (Greenhouse Gas).

Conference of Parties. Certain international treaties or Conventions also have a supreme governance body known as the Conference of the Parties or COP, who are responsible for reviewing the implementation of Conventions and for making any necessary decisions to promote their effectiveness. These governance bodies or COPs meet according to an agreed schedule within the Convention, with each meeting of the COP represented by a sequential number, such as COP1, COP2, etc.

Note: Many people will be familiar with the annual COPs associated with the United Nations Framework Convention on Climate Change (UNFCCC) due to heightened international awareness of the climate change crisis.

International Convention for the Protection of All Persons from Enforced Disappearance.

Convention on the Rights of Persons with Disabilities.

Convention on the Rights of the Child.

Corporate Social Responsibility. This term is now considered a legacy term which has been replaced with RBC or responsible business conduct.

Corporate Sustainability Reporting Disclosure.