More than ever, buyers are aware of the risk that one carbon credit might not be equivalent to one tonne of carbon, either avoided or removed. 

高品質のクレジットを確保するための努力は加速していますが、多くのバイヤーの予算に見合う価格で購入できる供給量は限られています。このような現状を鑑みると、購入者が炭素クレジットを購入し、信頼できる気候変動クレジットを主張する際に、適切かつ擁護可能な決定を下すことを求めるのは当然のことです。 

Discounting has emerged as one risk management tool in a corporate buyer’s toolbox as a way to account for the range of carbon credit quality. A discounting approach means buyers use more than one credit to compensate for one tonne of CO2e. 

There are carbon credits available today that sit in the middle of the quality spectrum. These projects do achieve a positive impact, but less than 1 tonne of CO2e. Sylvera’s carbon credit rating data provides buyers with the necessary information to quantify an appropriate risk adjustment to account for project-specific differences. 

買い手は、炭素1トンに相当する可能性が最も低いクレジットに対する支払い意欲が低い。品質と価格の関係を強化することで、プロジェクト開発者や投資家に、品質には価格プレミアムがあるというシグナルを送ることができます。割引は、現在の不完全なクレジットの利用を可能にすることで、より高い環境保全性を持つ市場への橋渡しをし、市場が拡大し、品質が向上することを可能にする需要シグナルを提供します。 

割引はいつが適切で、いつが適切でないのか？

Before moving into examples of how buyers can build a discounting approach based on different Sylvera subscores and risk features, it is important to define when discounting is and is not appropriate.

⛔️、プロジェクトが追加的な活動になる可能性が低い場合、割引は選択肢に入りません。 いくら補償しても、追加性の欠如を補うことはできません。

炭素クレジットからの収益が実行可能性のギャップを埋めなかった場合（すなわち、炭素からの収益がなくてもプロジェクトの活動は行われたであろう場合）、割引は適切ではありません。強力な永続性があり、排出量の正確な報告があったとしても、炭素等価性を真にするようなリスク調整要因はありません。 追加性の欠如は論外。

以下の例は、企業が適切な割引を決定するためのインプットとして参照し、組み合わせ、適用できる多くのデータポイントのほんの一部です。 

✅プロジェクトに過大融資リスクがある場合、ディスカウントも選択肢の一つです。

Take the case of a REDD+ project where it is clear mitigation of deforestation would not have occurred without carbon revenues (i.e. it is additional), but the project has modeled a baseline emissions scenario that overstates the rate deforestation might have occurred if the project did not exist (i.e. over-crediting risk). To determine the discount rate, buyers should start by reviewing Sylvera's strength of baseline assessment.

✅✅排出量算定に齟齬があり、プロジェクトのカーボン・スコアが100％未満である場合、ディスカウントも選択肢の一つです。

Take for example an IFM  project in which Sylvera's Machine Learning (ML)  analysis has detected that the project slightly overstated in its reporting the carbon stock increase in the standing wood pool. The discount rate used can be informed by the extent of discrepancies between the amount of carbon benefit reported by the project compared to what can be verified with independent data. 

プロジェクトが主張する排出削減や除去を比較するための独立したデータがないため、炭素会計のスコアに不確実性がある場合、割引はオプションとなり得ます。

There are inherent/unavoidable challenges in measuring the efficacy of cookstove projects. Actual emission reductions for clean cookstoves projects without stove-use monitors cannot be accurately quantified. Further, the crediting basis of these projects draws a connection between forest degradation and cookstove usage that cannot be observed and measured on a project level. In Sylvera’s assessment of a cookstove project, the level of confidence in the reasonableness of the issued credits is included in the pillar of additionality. Buyers can determine their discount rate utilizing the additionality score, which assesses the additionality of activities and over-crediting risk, and based on their own risk appetite for the immeasurability of cookstove usage and carbon efficacy. 

✅自然に根ざしたプロジェクトには逆転のリスクがつきものなので、ディスカウントも選択肢の一つです。

The VCMs have generally used 100 years as the default permanence requirement for nature-based projects. Some projects will fall short of that time requirement and reversal risk mitigation mechanisms, such as buffer pools, can be insufficient. Discounting based on a project’s risk profile and registry buffer pools are distinct risk mitigation tools that can be used to increase credit integrity. The Sylvera permanence score quantifies the risk of physical carbon stock loss so buyers can define their risk adjustment approach. 

The pursuit of perfection cannot detract from immediate climate action and imperfect projects can still have positive climate benefits. Discounting is one tool for buyers who want to contribute to meaningful climate action and reinforce their commitment to high integrity action by ensuring sustained financing to carbon projects. Defining an appropriate discounting approach requires granular, high-quality data. Sylvera provides the data that helps buyers form diverse purchasing strategies that both optimize for climate impact and mitigate risk.

To gain visibility into credits available today and where they fall on the quality spectrum, schedule a demo to learn about Sylvera’s carbon credit ratings.