Oxford Principles Set a New Integrity Benchmark for Using International Carbon Credits

Today’s release of the Oxford Principles for Responsible Engagement with Article 6 establishes an important integrity benchmark for using international carbon credits. The Principles are hosted by the University of Oxford, and authors include leading researchers in the field. The document sets out three overarching principles, including for how carbon credits should be used, how their quality should be ensured, and how transparency and robust accounting should be achieved. The principles are complemented by 26 specific criteria directed towards various carbon market actors. “These principles are important because, while international rules provide a solid foundation, they are not sufficient and specific enough to ensure integrity and ambition”, adds Lambert Schneider. The document arrives at a timely moment, as the European Commission is set to propose a new EU climate target for 2040 and is considering to partially achieve this target through international carbon credits. This follows the new German government's agreement to support the achievement of up to 3 per cent of the target through international carbon credits. “If the EU decides to use international carbon credits, such use should be guided by these principles. This includes that international carbon credits should only be used to enhance the ambition of climate targets and not to displace domestic climate action”, recommends Lambert Schneider. Oeko-Institut contributed to the development of the Oxford...