Help for SMEs to take easy action to offset carbon emissions and tackle climate change
Added by Love Business East Midlands | 16 March 2022
UPDATED: 16 March 2022
Conscientious businesses concerned about their carbon footprint from today, now have a simple, easy and accessible route to help tackle climate change.
New blockchain carbon credit marketplace JustCarbon offers a straightforward way for businesses to take meaningful action to offset their climate impact by supporting the removal of CO2 from the atmosphere.
Owners can purchase high quality, nature-based carbon credits via a JustCarbon Removal Unit (JCR), which then provides climate project developers with a simple and accessible way of monetising their carbon removal activities.
On 20 April 2021, the Government announced the sixth Carbon Budget, setting into law the climate change target to reduce emissions by 78% by 2035 compared to 1990 levels. Therefore it is in the best interests of all organisations to build this into their business and with small businesses accounting for 99% of the UK’s enterprises and 60% of the workforce, the need and potential for meaningful change is huge – but many don’t know where to start, or need help, to kickstart their contribution and reduce their carbon footprint.
Gavin Anderson, co-founder, JustCarbon, said:
“A growing number of businesses are taking action on climate – over 5,000 worldwide have joined the UN’s Race to Zero, committing to Net Zero emissions by 2050 at the latest – however, this is still a long way short of what is needed both in scale and in time. SMEs have a real opportunity to be a force for change through their individual actions on climate.”
Carbon credits are a vital tool to finance sequestration of the world’s unavoidable emissions by safeguarding our existing forests and planting new ones. JustCarbon is designed to make it simpler and more efficient for both buyers and sellers of credits from these projects.
Most businesses can adapt the GHG Protocol standard to determine and scope emission classifications. For SME’s, the first step is to calculate the business’s Scope 1 and 2 emissions – the footprint of energy and gas consumption. An energy supplier may do this or online calculators are available. Once the amount of CO2 has been calculated, the equivalent tokens or JCRs can be purchased - 1 token equals 1 tonne of sequestered CO2.
For example a shop that produces a total of 61 tonnes of CO2e*, would need to purchase 61 tokens at the current market value of $25 per tonne, equals $1,525. The token can then be used for a variety of purposes including trading, issuing, lending or financing investment-grade carbon dioxide removal. A token will only constitute pollution offset once it is retired or entirely removed from circulation.
“Many businesses face a myriad of pressures and although the good intention may be there, turning that into practical action may not be top of their to-do list. SME owners in particular lack the time or tools to do something about their carbon footprint. However, they should be reassured that every token that is burnt and recorded on the block chain, verifies the action and proof of the carbon removal from an accredited source.” Anderson said.
JustCarbon will also further support the development of the market by distributing its surplus funds into projects and activities that support carbon sequestration worldwide.
“By focussing only on high-integrity, nature-based projects and giving away ownership by operating as a DAO that is governed by a diverse cross-section of the market’s key stakeholders that will determine its approach and strategic priorities, we believe we can also eliminate many of the biases that have slowed the market’s growth and undermined its credibility.” Anderson ended.
Individuals and businesses can purchase JCR's on The Crypto Climate Exchange and Uniswap plus other selected exchanges listed on the JustCarbon website.
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