The Global Carbon Council (GCC) has launched its first baseline and monitoring methodology that will help organizations calculate GHG emission reductions and accordingly monitor the performance of renewable energy projects. GCC is MENA region’s first and only voluntary carbon market program dedicated to drive climate actions to develop low-carbon economies to help deliver Paris Agreement objectives. Its baseline and monitoring methodologies provide objective methods and algorithms to measure greenhouse gas (GHG) emission reductions of projects in accordance with international protocols. By facilitating to monitor key parameters, GCC methodology will help projects achieve real and measurable emission reductions.
In this context, the Council’s first methodology GCCM001 deals with Grid-connected Renewable Energy (RE) Generation Projects. With its global scope, the methodology is designed to facilitate owners of RE projects (Solar PV, On-shore and Off-shore Wind, Tidal and Wave energy) to earn carbon credits. The GCC program works with the support of a carbon registry which collates, displays, issues and transfers carbon credits (Approved Carbon Reductions or ACRs) for a range of GHG reduction projects. Carbon credits are salable commodities that can be purchased by international buyers working towards carbon neutrality.
In the backdrop of MENA’s hydrocarbon backed economy, fossil fuels remain the primary source of energy generation in the region that is yet to exploit the immense potential of renewables. For example, as per the International Renewable Energy Agency (IRENA), the penetration of renewable energy in Middle East’s electricity grids is less than 1%. Worldwide, technologies linked with renewables are facilitating a paradigm shift from carbon intensive to low carbon economies. Energy transition to RE-based power plants, for instance, will enable electricity generation in a cleaner and sustainable way. Mainstreaming the application of renewable energy technologies, hence, will significantly reduce the regional and global GHG emissions.
To this end, GCC’s first methodology (GCCM001) along with its supporting documentation framework and carbon registry will encourage project developers to implement RE projects and earn additional carbon revenues by selling carbon credits issued by GCC. Projects eligible to use methodology GCCM001 can either be in the category of utility-scale RE power plants or multiple distributed type (e.g. grid-connected rooftop solar PV implemented by multiple retail consumers or residents) units across different locations.
Over the decades, MENA region has remained mostly unrepresented in the international carbon markets. With the launch of GCCM001, GCC expects to catalyze several RE-based GHG reduction projects in the region. With its technical and policy framework based on international best practices, GCC will issue carbon credits to the Supreme Committee for Delivery & Legacy to deliver a 100% carbon-neutral FIFA World Cup 2022TM.