Energy Newsflash: Carbon Offsets and the Paris Agreement
This article has been supplied.
The National Treasury published Amendments to the Carbon Offset Regulations on 31 March 2021. Comments on the Amendments are due on 30 April 2021.
The changes are mainly technical in nature to ensure the regulations are aligned with international carbon credit terminology and practices.
Here's a summary of the proposed amendments:
- The proposed amendment refers to “certificate of cancellation” for all projects, which is inclusive of cancellation documents from any of the Clean Development Mechanism, Gold Standard, Voluntary Carbon Standard, and national registries.
- The amendments refer to the organisation VERRA and the VERRA registry has been defined where all information on VCS projects now resides.
- There is an inclusion of the definition of a national registry, as well as indicating that certificates derived from cancellation of credits from such registries will be acceptable for listing requirements under the Carbon Offset Administration System (COAS).
This is expected to provide some alleviation for other market participants who can only transfer or cancel credits from other Kyoto national registries, as only project developers are allowed to cancel credits in the CDM registry.
The proposed amendment includes a definition for the cancellation of a carbon credit to allow cancellations and provide transfer from other registries as credits issued exist in either CDM, VERRA or other National Registries.
The amendments include the crediting period of either ten years fixed or seven years, twice renewable for a total of 21 years for non-Agriculture, Forestry and Land Use (AFOLU) projects, in line with the most recent VCS Standard document.
The proposed amendments have still not clarified the double dipping limitation for companies who wish to purchase carbon offsets to benefit from the carbon offset allowance as well as benefiting from the Section 12L energy efficiency tax incentive.
Cova Advisory
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
