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A voluntary Irish carbon offset market is being developed
to assist firms based here to lower their emissions.
Cosain
provides a marketplace where Irish companies, with carbon
credits for sale, can receive bids from firms that wish to
buy credits to offset part of their emissions.
The concept is being developed by Niall McManus who has a
background in geology and mineral economics, but has recently
moved into sustainable technologies.
He came across the concept of a domestic offset market while
carrying out research for Fáilte Ireland and asked the tourism
agency if he could develop it. “I then took the idea to Social
Entrepreneurs Ireland, who gave me a level one award to look
at establishing a domestic offset market.”
For companies, the motivation to get involved is often based
on corporate responsibility. Becoming carbon neutral is commercially
desirable and firms are looking for ways to offset emissions
that they cannot eliminate, McManus says.
For a firm to participate, it must carry out an analysis
of its carbon emissions, using an ISO 14064 audit, which certifies
emissions for that year.
A company, such as a biodigester - which processes clean
food waste and agricultural manure and converts methane into
energy - will, after a similar audit, generate credits, which
it can sell. These audits are then logged with the national
carbon registry, operated by Markit
Environmental.
“What we (at Cosain) are offering is the opportunity for
bidding, using an auction. This helps the seller achieve the
best price and, for the buyer, there is price transparency.”
Once a trade is completed, the registry transfers the ownership
of the credits and the purchaser then retires these credits,
meaning they cannot be bought or sold again. “The buyer has
made their step in terms of achieving an emissions reduction.”
Two companies are currently completing audits and McManus
hopes to have the credits available for sale by the end of
March.
Source - The Irish Times
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