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How do these principles relate to achieving Net Zero?
The Oxford Principles are directly linked to achieving net zero emissions by providing a clear and structured approach to offsetting that complements direct emissions reduction efforts.
By emphasising the importance of carbon removal and the gradual shift away from emission reduction projects, the principles guide organisations in contributing more effectively to the global goal of Net Zero. This approach ensures that offsetting efforts are not only credible and verifiable but also aligned with the latest climate science and the urgent need for action.
What is the difference between the Oxford Principles and other climate frameworks?
The primary distinctions between the Oxford Principles and other frameworks like the IPCC and the SBTi lie in their specific focus, application, and guidance on offsetting:
- The Oxford Principles specifically address the integrity and strategic use of carbon offsetting within net zero strategies, while the IPCC offers broad scientific assessments on climate change, and the SBTi provides methodologies for setting science-based emissions reduction targets.
- The Oxford Principles offer detailed and practical guidance on selecting and implementing carbon offset projects, focusing on quality, additionality, and the shift towards carbon removal. Meanwhile, the SBTi and IPCC state that only carbon removal credits can be used for Net Zero and neutrality claims.
It is important to note that The Oxford Principles are not a substitute for the IPCC or SBTi. Instead, organisations should evaluate all of the frameworks and guidelines in a holistic manner.
How can businesses integrate the Oxford Principles into their sustainability strategy?
To incorporate the Oxford Principles effectively, businesses should:
- Align business strategies with the goal of reducing direct emissions first, complementing these efforts with high-quality, verifiable offsets that adhere to the principles.
- Shift towards investing in carbon removal projects, in line with the principles’ guidance, to support long-term climate goals.
- Ensure offset projects are additional, verifiable, and contribute to sustainable development, following the principles’ recommendations for best practices.
- Engage with and invest in the development of new, net zero-aligned offsetting solutions, reflecting the principles’ call for supporting the evolution of the offset market.