Amendments to offset regulations published on 8 July give clarity on big emitters carrying old carbon credits to a new framework
are set to change with the international frameworks it aligns to, as reflected in the latest amendment to the carbon offset regulations.is linked to the Kyoto Protocol, an international agreement under the United Nations Framework Convention on Climate Change , which expired last year when the Paris Agreement came into effect.[Conference of Parties] in Glasgow starting on 31 October on these issues would inform amendments to the carbon tax regulations in the 2022-23 budget statement.
The treasury said the offset projects and credits were tied to international standards with robust verification systems. It added that it would ensure the environmental integrity of the carbon offset allowance mechanism and limit the potential for fraudulent credits to be used for purposes of the carbon offset allowance.
The transfer of credits under the old protocol is a bone of contention at COP negotiation level. India, Australia and Brazil want a new system that will allow countries to use unspent old credits from Kyoto, as well as the double counting of emissions reductions and trading of Kyoto-era credits, creating a loophole.
“Offsets have the benefit of reducing a taxpayer’s liability, by enabling additional greenhouse gas emission reductions where taxpayers for technical or other reasons may not have otherwise been able to implement reductions on site, or at least do so cost effectively,” she said. “Given the uneven distribution of CDM projects across countries and regions and the fact that a few technologies and sectors have dominated in the early stages of CDM, the question to be asked is whether CDM has fallen short in contributing to sustainable development in South Africa,” said theThe Impact Of Clean Development Mechanism Projects On Sustainable Development In South Africa.
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