Because ODS can be thousands of times more powerful than carbon dioxide (CO2) at trapping heat in the atmosphere, ODS offset projects may produce hundreds of thousands – or even millions – of offset credits.
Linda Adams, chair of Climate Action Reserve board of directors and secretary of California Environmental Protection Agency, said: ”The ODS protocols are significant developments because they are the first protocols to provide co-benefits that protect both the ozone layer and the climate system.
”And because of the potency of ODS as greenhouse gases, projects developed under these protocols will provide substantial environmental benefits while generating offset credits to the carbon market. I applaud the work of everyone who was involved in the development of these landmark protocols.”
ODS are used in a variety of application. They have tremendously harmful effects on the ozone layer. They also are potent GHGs; some are more than 10,000 times more effective than CO2 at trapping heat in the atmosphere.
While the ODS included in the protocols are no longer actively produced, their continuing presence in refrigeration equipment and insulation foams represent enormous potential for GHG emissions. Both the US ODS Project Protocol and the Article 5 ODS Project Protocol address the destruction of ODS as the means of preventing emissions.
The US ODS protocol includes refrigerants and foam blowing agents sourced from the US. The Article 5 ODS protocol includes refrigerants from Article 5 countries, which are developing countries as defined under the United Nation’s Montreal Protocol.
Viraj Vithoontien, of Environment Department at The World Bank, said: ”By eliminating the risk for ozone depleting substances to create GHG emissions, we are taking a tremendous stride in protecting our environment. The Climate Action Reserve’s two ODS project protocols establish strong and comprehensive standards for addressing the destruction of ODS.
”Bringing together financial incentives created by the carbon market with the environmental benefits that ODS offset projects will produce creates a win-win situation for both developed and developing countries.”
Whether ODS originates from the US or an Article 5 country, the substances are required to be destroyed in the US or its territories, where destruction practices are closely regulated. If destruction of a substance is already required under the Montreal Protocol or US law or it has not been phased out of production in the country of origin, it is not eligible for inclusion under the ODS protocols.
Projects that qualify under the ODS protocols will be issued offset credits, Climate Reserve Tonnes (CRTs), for the quantity of ODS that would otherwise have been released over a 10-year period had they not been destroyed.
Jeff Cohen, vice president of science & policy at EOS Climate that had originally submitted the concept for ODS protocols to Reserve, said: ”The new Protocols will immediately mobilize projects and new investment, and will help leverage financing from voluntary and ultimately compliance GHG markets domestically and worldwide.”
