"...verified and audited emission reduction units (expressed in tonnes of CO2e) and come from projects which reduce emissions below business-as-usual levels. Greenhouse Friendly™ Approved Abatement is consistent with UNFCCC and Kyoto Protocol guidelines on the measurement and calculation of GHG emissions."
Greenhouse Friendly™ Voluntary Emission Reductions (VERs)
The first Emissions Commodities listed on the ACX were the Greenhouse Friendly™ Approved Abatement known commonly as Voluntary Emission Reductions (VERs).
These Offsets are verified and audited emission reduction units (expressed in tonnes of CO2e) and come from projects which reduce emissions below business-as-usual levels. Greenhouse Friendly™ Approved Abatement is consistent with UNFCCC and Kyoto Protocol guidelines on the measurement and calculation of GHG emissions.
As things currently stand, Greenhouse Friendly™ VERs are fully fungible within Australia and are recognised by the Australian Government as bona fide abatement in terms of a company's reporting of their emissions inventory under the Greenhouse Challenge Plus Program.
Simply purchasing VERs does not actually offset a company's emissions unless they are acquitted against the emission in an accounting period. This process recognises that a quantity of VERs has been offset against an equivalent quantity of emissions and therefore spent. The acquittal process involves retiring VERs from circulation so that they cannot be traded and used again to offset future emissions.
As part of its framework ACX has established a Registry of Offsets which manages the acquittal or retirement of "spent" Offsets that have been used to satisfy an emission reduction milestone. This will provide an unbroken audit trail of Offset custody and ensure that there is no double counting of Offsets.
If you wish to sell VERs, you must have them registered with the ACX Registrar.