The Reykjavik Protocol

First-Time Carbon Removal Protocols

The world is experiencing unprecedented climate change, and finding solutions that are both effective and environmentally sustainable is critical to curbing its dangerous effects. In this context, the recent summit in Reykjavik, Iceland, where a group of carbon credit companies and scientific leaders drafted the Reykjavik Protocol, is worth noting. It provides a framework for carbon credit suppliers operating in the carbon removal space to responsibly bring their solutions to market. In this snippet, we will delve into the main aspects of the Reykjavik Protocol, the problem it solves, and its potential impact, providing a one-minute call to action for anyone interested in learning about climate solutions.

About the Reykjavik Protocol:

The Reykjavik Protocol is a set of principles that governs how carbon credit suppliers can bring their solutions to market ethically and sustainably. The protocol was created at a summit of carbon credit suppliers and scientific leaders in Reykjavik, Iceland, and is the first of its kind in the industry. Carbon credit suppliers that sign on to the Reykjavik Protocol commit to implementing its principles for all their carbon credit projects within the next two years, while supporters from academia, research organizations, and NGOs commit to advocating for the principles.

The Problem:

One of the biggest challenges facing the carbon credit industry is a lack of standardization and a clear set of principles. This ambiguity is a barrier to market growth, as potential buyers may question the legitimacy of suppliers or the effectiveness of their methods. Moreover, the lack of a clear framework can lead to a situation where some carbon credit companies prioritize profit over sustainability, harming the environment in the process.

The Solution:

The Reykjavik Protocol provides a framework for nature-deployed carbon credit suppliers that is intended to evolve with the market. This means it can be updated to reflect new advances in technology or changes in the industry landscape. By agreeing to follow the principles outlined in the protocol, carbon credit suppliers can provide transparency and accountability to potential buyers while also committing to sustainable practices. This, in turn, can foster market growth and innovation in the industry while creating genuine, positive change for the environment.

‍

Examples:

These companies contributed to the protocol:

• Living Carbon
• Mombak
• Planetary
• Centre for Climate Repair at Cambridge
• UNDO
• Ocean Networks Canada
• Running Tide IS
• Yale Center for Natural Carbon Capture and Cascade Climate
• Ocean Frontier Institute
• Yard Stick PBC
• Lithos Carbon

The Impact:

The potential impact of the Reykjavik Protocol is significant. By establishing a clear framework for ethical and sustainable carbon credit practices, the protocol can create a level playing field for all suppliers. This can, in turn, lead to increased competition, which can drive innovation and development of new, more effective solutions. Additionally, the Reykjavik Protocol can increase transparency and accountability, which can mitigate the risk of fraud and unethical practices in the industry, leading to more effective and sustainable solutions.

One-Minute Call to Action:

Climate change is a pressing issue that demands immediate attention and action. If you're interested in contributing to the fight against climate change, consider learning more about carbon credit solutions like those outlined in the Reykjavik Protocol. Look for suppliers that follow ethical and sustainable practices and support policies that prioritize sustainability and the environment.