NDCs
Nationally Determined Contributions: the national targets to reduce greenhouse gas emissions submitted by each country voluntarily under the Paris Agreement.
Externalities
In the context of economics, an externality is a consequence of a business or industrial activity that affects third parties but which is not reflected in market prices.
Hard-to-abate
Refers to sectors in which greenhouse gas emissions are difficult to reduce. Includes industries such as iron and steel, cement, refining, chemicals, shipping, aviation and heavy duty trucks.
Core Carbon Principles
A set of 10 principles put forward by the Integrity Council for the Voluntary Carbon Market (ICVCM) which define high-quality carbon credits, focused on aspects such as governance, tracking, verifiability and additionality.
Registry Account
Carbon offset standards organisations operate electronic registries in which the details of each project and each carbon credit issued and retired are kept.
Brown Coal/Lignite
Brown coal, also known as lignite or ‘soft coal’, is a combustible sedimentary rock formed of naturally compressed peat.
VCMI
An independent governance body involving a diverse group of stakeholders with the aim of setting guidance on best practice for the corporate use of project-based carbon credits.
CCUS/CCS
Under CCS, carbon emissions are captured and permanently stored, for example in geological storage sites.
Carbon Removal
The direct removal of CO2 from the atmosphere. Carbon removal is split into two broad categories: nature-based removal, such as planting trees, increasing seagrass growth or boosting uptake of CO2 in soils…