ICROA Endorses Standard for Urban Forest Carbon Offsets
City Forest Credits issues credits in U.S. cities for carbon and co-benefits
SEATTLE, June 21, 2023 /PRNewswire/ -- The International Carbon Reduction and Offset Accreditation (ICROA) has endorsed the carbon crediting Standard City Forest Credits, a Standard dedicated to carbon credits generated by urban forests – trees in and around cities and towns. This endorsement represents the 15th*independent standard endorsed in ICROA's 15-year history.
City Forest Credits is a non-profit carbon Standard based in the U.S. that develops carbon protocols and issues carbon credits to tree preservation and planting projects in and around cities and towns. These projects create a public resource – trees where people live, breathe, work, and recreate. Almost all the projects are on public property or open to the public, making these credits of genuine public interest.
ICROA is an accreditation programme for carbon market intermediaries who follow the ICROA Code of Best Practice. Accredited organizations may only sell carbon credits from ICROA Endorsed Standards. ICROA is the oldest such programme for the carbon market and highly respected for its standard endorsement procedure, and it undertook a comprehensive analysis of CFC's standards and program. Based on recommendations from ICROA, CFC strengthened its Standard to improve transparency, policies, and best practices.
"We are delighted to endorse the City Forest Credits Standard as a valuable addition to the ICROA Code of Best Practice. The program provides the opportunity for all ICROA Accredited Organisations to transact credits from this new and emerging sector of projects that are making our cities greener, healthier, and more equitable," said Amy Zell, Technical Director ICROA.
Each City Forest Carbon+ Credit™ from an urban forest carbon project includes quantified co-benefits such as stormwater reduction, air quality impacts, and energy savings, as well as reported social impacts such as social equity for under-resourced communities and physical, mental, and social health benefits. CFC has issued credits to projects representing an estimated $128 million in ecosystem co-benefits over 50 years.
Mark McPherson, Executive Director of City Forest Credits said, "Giving these projects access to the carbon markets addresses three urban problems – continuing tree canopy loss in cities, a pervasive shortage of municipal funding for city forests, and inequitable distribution of city trees. ICROA's endorsement validates the work CFC has done to develop these public interest credits with transparency and integrity."
Jad Daly, CEO of American Forests, adds, "American Forests is proud to support CFC to accomplish something long overdue – bringing urban forests into the carbon markets. These credits are like the rare earth minerals of carbon credits – lower in volume, higher in price, but extremely valuable to companies because the multiple benefits are delivered to where 80% of the population resides – in cities and towns."
* one standard is conditionally endorsed
About ICROA
The International Carbon Reduction and Offsetting Accreditation (ICROA) is a leading industry Accreditation Programme aiming to enhance integrity in the voluntary carbon market in support of the Paris Agreement Goals. Based on the ICROA Code of Best Practice, the Accreditation Programme certifies best practice in GHG emissions reduction and offsetting through the use of high-quality carbon credits. The Programme is open to all organisations that offer carbon credits as well as emissions reduction and offsetting services. ICROA is a non-profit initiative housed within the International Emissions Trading Association (IETA).
About City Forest Credits
City Forest Credits is a non-profit carbon Standard based in the U.S. The programme administers carbon protocols and issues offset credits to tree preservation and planting projects in and around cities and towns.
SOURCE City Forest Credits
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