The motivation to get involved is often based on corporate responsibility
A VOLUNTARY IRISH carbon offset market is being developed to assist firms based here to lower their emissions.
Cosain provides a marketplace where Irish companies, with carbon credits for sale, can receive bids from firms that wish to buy credits to offset part of their emissions.
The concept is being developed by Niall McManus who has a background in geology and mineral economics, but has recently moved into sustainable technologies.
He came across the concept of a domestic offset market while carrying out research for Fáilte Ireland and asked the tourism agency if he could develop it.
“I then took the idea to Social Entrepreneurs Ireland who gave me a level one award to look at establishing a domestic offset market.”
For companies, the motivation to get involved is often based on corporate responsibility. Becoming carbon neutral is commercially desirable and firms are looking for ways to offset emissions that they cannot eliminate, McManus says.
For a firm to participate it must carry out an analysis of its carbon emissions, using an ISO 14064 audit, which certifies emissions for that year.
A company, such as a biodigester – which processes clean food waste and agricultural manure and converts methane into energy – will, after a similar audit generate credits, which it can sell. These audits are then logged with the national carbon registry, operated by Markit Environmental.
“What we [at Cosain] are offering is the opportunity for bidding using an auction. This helps the seller achieve the best price and for the buyer there is price transparency.”
Once a trade is completed the registry transfers the ownership of the credits and the purchaser then retires these credits, meaning they cannot be bought or sold again. “The buyer has made their step in terms of achieving an emissions reduction.”
Two companies are currently completing audits and McManus hopes to have the credits available for sale by the end of March. See cosain.ie
