A carbon credit is a generic term for any tradable certificate or permit representing the right to emit one ton of carbon dioxide or the equivalent amount of a different greenhouse gas (tCO2e).
Carbon Emission Reductions (CERs)
A Kyoto Protocol unit equal to 1 metric ton of CO2 equivalent. Emission units (or credits) created through a regulatory framework with the purpose of offsetting a project’s emissions.
Carbon neutral (also known as carbon neutrality) means that the emissions an entity (business, organization, individual, product, or service) produces has been “balanced” by funding the equal amount of savings elsewhere in the world.
A carbon offset is a reduction in emissions of carbon dioxide or other greenhouse gases made in order to compensate for emissions made elsewhere. Measured in tons of carbon dioxide-equivalent (CO2e). One ton of carbon offset represents the reduction of one ton of carbon dioxide or its equivalent in other greenhouse gases.
Circular Carbon Economy (CCE)
CCE is an integrated and inclusive approach to transitioning toward more comprehensive, resilient, sustainable, and climate-friendly energy systems. It is structured around 4Rs: Reduce, Reuse, Recycle and Remove. It promotes all technologies and solutions that address GHG emissions and the need to further accelerate research, development, deployment, and dissemination (RDD&D).
Clean Development Mechanism (CDM)
A mechanism under the Kyoto Protocol through which developed countries may finance greenhouse-gas emission reduction or removal projects in developing countries, and receive credits for doing so which they may apply towards meeting mandatory limits on their own emissions.
Double bottom-line extends the conventional bottom line (a company’s net income), that measures fiscal performance—financial profit or loss—by adding a second bottom-line to measure performance in terms of positive social impact.
Environmental, Social, and Governance (ESG)
ESG means using Environmental, Social and Governance factors to evaluate companies and countries on how far advanced they are with sustainability. Once enough data has been acquired on these three metrics, they can be integrated into the investment process when deciding what equities or bonds to buy.
Greenhouse gases (GHGs)
The atmospheric gases responsible for causing global warming and climate change. The major GHGs are carbon dioxide (CO2), methane (CH4) and nitrous oxide (N20). Less prevalent –but very powerful — greenhouse gases are hydrofluorocarbons (HFCs), perfluorocarbons (PFCs) and sulphur hexafluoride (SF6).
Intergovernmental Panel on Climate Change (IPCC)
Established in 1988 by the World Meteorological Organization and the UN Environment Program, the IPCC surveys world-wide scientific and technical literature and publishes assessment reports that are widely recognized as the most credible existing sources of information on climate change. The IPCC also works on methodologies and responds to specific requests from the Convention’s subsidiary bodies. The IPCC is independent of the Convention.
An international agreement standing on its own, and requiring separate ratification by governments, but linked to the UNFCCC. The Kyoto Protocol, among other things, sets binding targets for the reduction of greenhouse-gas emissions by industrialized countries.
Middle East Region
The Middle East is the common term for a region consisting of countries in southwest Asia and, usually, at least part of North Africa. While the term is now widespread both inside and outside the region, it is in fact relatively new (coined at the end of the nineteenth century by the British foreign service). The exact list of countries thought to be a part of the Middle East region is often debated. For the purpose of NETZERO Middle East business in the Region, the following countries are included: Bahrain, Egypt, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Pakistan, The Palestinian Territories, Qatar, Saudi Arabia, United Arab Emirates, Yemen.
Nationally Determined Contributions (NDCs)
According to Article 4 paragraph 2 of the Paris Agreement, each Party shall prepare, communicate and maintain successive nationally determined contributions (NDCs) that it intends to achieve. Parties shall pursue domestic mitigation measures, with the aim of achieving the objectives of such contributions.
Net-zero refers to the balance between the amount of greenhouse gas produced and the amount removed from the atmosphere. We reach net-zero when the amount we add is no more than the amount taken away
Sustainable Development Goals (SDGS)
Sustainable Development Goals are a universal call to action to end poverty, protect the planet and improve the lives and prospects of everyone, everywhere. The 17 Goals were adopted by all UN Member States in 2015, as part of the 2030 Agenda for Sustainable Development which set out a 15-year plan to achieve the Goals. SDG 7 targets Affordable and Clean Energy: increasing access to affordable, reliable and sustainable energy; increasing the global rate of improvements in energy efficiency; and increasing the share of renewable energy in the global energy mix.
United Nations Framework Convention on Climate Change (UNFCCC)
The United Nations Framework Convention on Climate Change (UNFCCC) is an international environmental treaty addressing climate change, negotiated and signed by 154 states at the United Nations Conference on Environment and Development (UNCED), informally known as the Earth Summit, held in Rio de Janeiro from 3 to 14 June 1992. The UNFCCC seeks for the stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic human-induced interference with the earth’s climate system.
Voluntary Emission Reductions (VERs)
VERs are carbon credits provided by emission reduction projects that have attained voluntary third party approval but have not been certified by official UN-backed offsetting schemes such as the Clean Development Mechanism. They are the voluntary market equivalent of the certified emission reductions (CERs) awarded under the CDM. VERs tend to be awarded by smaller scale community-based emission reduction projects that can not afford to go through the CDM approval process. They are typically purchased by businesses and individuals seeking to offset their own carbon emissions. Unit equal to 1 metric ton of CO2 equivalent.