Market report 2018 - goldstandard.org€¦ · BULGARIA MONGOLIA RUSSIAN FEDERATION 4’129’507...
Transcript of Market report 2018 - goldstandard.org€¦ · BULGARIA MONGOLIA RUSSIAN FEDERATION 4’129’507...
1© Copyright 2019 Gold Standard
market report 2018
GOLD STANDARD Market report 2018
April 2019
Prepared by
Claire Willers
Ema Cima
2© Copyright 2019 Gold Standard
market report 2018
Executive Summary
Gold Standard Project Pipeline
Gold Standard Certified Projects
A closer look at 2018
3
4
6
12
MARKET REPORT Table of Contents
3© Copyright 2019 Gold Standard
market report 2018
19.5M 2017 < 2018
Carbon credits issued in 2018
+ 42%
9.4M
2017 < 2018
VERs retired in 2018 + 19%
16.8M
2017 < 2018
VERs issued in 2018 + 56%
98.4M
Total issued carbon credits
83.4M
Total issued VERs
47.6M
Total retired VERs
MARKET REPORT Executive Summary
This report provides the Gold Standard market data for 2018, including an overview of our project pipeline, our issuance and retirement figures and how our Standard has performed year-on-year. For previous versions of this report, please visit our publications page.
IN 2018
› Record high issuances in 2018, with 19.5 million emission reductions being issued from 44 different countries. 16.8 million voluntary Verified Emission Reductions (VERs) (56% increase over 2017) and 2.7 million labelled Certified Emission Reduction (CER) for the compliance market. › Growth primarily from wind, cookstove and one large biogas project. › 2018 saw record high voluntary retirements with 9.4 million emission reductions retired from our registry – a 19% increase over 2017.
IN TOTAL
› In total, Gold Standard has issued more than 98.4 million carbon credits. 83.4 million VERs and 15 million labelled CERs. › In total, 47.6 million tonnes of voluntary emission reductions have been retired from our registry. (57% of the total VERs issued)
4© Copyright 2019 Gold Standard
market report 2018
+1700 projects in the Gold Standard project pipeline have the potential to save nearly 107 million tonnes of CO2 per year – more than double the annual emissions released by Switzerland.
GOLD STANDARD Project Pipeline
5© Copyright 2019 Gold Standard
market report 2018
GOLD STANDARD Project Pipeline
When applying our standard, projects move through a project certification cycle. The below provides an overview of our projects and where they are within this cycle. 40% of our projects are fully certified and already issuing credits, with another quarter at the design certified stage – the final stage before issuance is approved.
Definitions
› New Project – Project concept submitted to Gold Standard. › Project Listed – Preliminary review, to check whether a project has the potential to conform to the Gold Standard requirements, successfully completed. › Project Validated – Up-front design, project documentation and monitoring plan successfully validated against the requirements of the standard by a third-party auditor. › Design Certified (Registered) - Validation audit completed and all documents reviewed and approved by Gold Standard, TAC and NGO Supporter Network. › Performance Certified (Issued) – Project cycle successfully completed, verification audit completed and all documents reviewed and approved by Gold Standard, TAC and NGO Supporter Network. Project is issued with relevant product (e.g. carbon credits).
411Design Certified
18M
estimated annual emission reduction
686Performance Certified
32.2M
estimated annual emission reduction
104Project Validated
5M
estimated annual emission reduction
269Project Listed
39M
estimated annual emission reduction
242New Project
12M
estimated annual emission reduction
figure 1 – Overview of projects in our project certification process
6© Copyright 2019 Gold Standard
market report 2018
Gold Standard saw record high issuances + retirements in 2018, with 16.8 million VERs issued and 9.4 million retired by climate-conscious businesses and individuals around the world.
GOLD STANDARD Certified Projects
7© Copyright 2019 Gold Standard
market report 2018
GOLD STANDARD CERTIFIED PROJECTS Year-on-year comparisons
Nearly 700 projects have completed the certification process and have issued credits. In total Gold Standard has issued 98.4 million emission reductions: 15 million Certified Emission Reduction (CER) labels for the compliance market and 83.4 million Verified Emission Reductions (VERs) for the voluntary market. For retirements, 47.6 million voluntary credits have been permanently retired.
Figure 2 shows the year-on-year issuance figures for both VERs and CER labels. It also captures the annual number of voluntary retirements for Gold Standard VERs. These figures have steadily increased over the past decade, with record high VER issuances and retirements in 2018.
figure 2 – Issuance and retirment figures by year
VERs and CERs
TOTAL ISSUED
VERs
TOTAL RETIRED
CERs
VERs
tonnEs
yEaR 2009 20102008 2011 2012 2013 2014 2015 2016 2017 2018
2M
4M
6M
8M
10M
12M
14M
16M
18M
20M
8© Copyright 2019 Gold Standard
market report 2018
› §v
GOLD STANDARD CERTIFIED PROJECTS Scope of certified projects
Figure 3 shows the scope of Gold Standard certified projects, by tonnes of CO2eq saved and by number of projects. The data includes both VERs + CER labels.
figure 3 – Gold Standard certified projects by project type (VERs and CER labels)
Wind Cookstove WasteManagement
WaterPurification
HouesholdBiogas Solar Industrial
BiomassEE - Other Hydro Industrial
BiogasForestry(A/R) Geothermal EE -
AgricultureEE -
Domestic
5M
10M
15M
20M
25M
30M
200
150
100
50
120
186
21
98120
4319
736 26
122 6 3
98,426,767tonnes co2eq saved
TOTAL
699number of certified projects
TOTAL
ton
ne
s c
o2e
q s
av
ed
nu
mb
er o
f c
er
tif
ied p
ro
jec
ts
32,3
M
21,7
M
11,8
M
8,6
M
7,3M 4,1M
3,7M
2,3M
2,3M 2,1M
1,5M
0,4
M
0,1M
0,0
9M
9© Copyright 2019 Gold Standard
market report 2018
GOLD STANDARD CERTIFIED PROJECTS Shared value delivered
table 1 – Additional environmental and socio-economic benefits delivered per tonne of reduced CO2 emissions ( source - The Real Value of Robust Climate Action report )
Using the findings from the Net Balance report The Real Value of Robust Climate Action, commissioned by Gold Standard with support from WWF Switzerland (see table 1), at the end of December 2018 our issued projects have created nearly 5.5 billion dollars of value in benefits beyond carbon (see figure 4). This calculation takes into account only those project types studied within the report (e.g. household biogas, cookstove, water purification, wind and forestry (A/R) projects). It covers both the voluntary (VERs) and the compliance market (CER labels), and accounts for approximately 70% of our issued portfolio.
Biodiversity Balance of Payments
Employment Livelihood Health Impacts TOTAL
Forest restoration + decrease in deforestation
Increased access to renew-able energy + decreased reliance on energy imports
More job opportunities
Increased access to affordable + clean energy services
Improved air and water quality
Shared value created by project type per carbon credit.
Biogas $2 $7 $32 › $41
Water Filters $1 $117 › $118
Cookstoves$3 $93 $55 › $151
Wind $19 $2 › $21
Forestry (A/R) $150 $27 › $177
10© Copyright 2019 Gold Standard
market report 2018
shaREd ValuE in million
pRojECt typE
GOLD STANDARD CERTIFIED PROJECTS Shared value delivered
figure 4 – Shared value created by project type and co-benefit for Gold Standard Certified (i.e. issued) Projects through 2018
Forestry (A/R)
Wind
Cookstoves
Water Filters
Biogas
› $299 M
› $952 M
› $678 M
› $270 M
› $3.2 BILLION
Gold Standard certified projects have created nearly $5.5 BILLION dollars in shared value for climate action + sustainable development.
biodiVERsity
balanCE of paymEnts
EmploymEnt
liVElihood
hEalth impaCts
11© Copyright 2019 Gold Standard
market report 2018
GOLD STANDARD CERTIFIED PROJECTS Global distribution of emission reductions
east africa 17’699’528
281’295
222’559
8’693’336
1’096’034
1’387’758
49’666
727’083
291’794
4’946’522
291’79
ERITREA
ETHIOPIA
KENYA
MADAGASCAR
MALAWI
MOZAMBIQUE
RWANDA
TANZANIA
UGANDA
ZAMBIA
central africa 108’015
53’860
40’596
13’559
CAMEROON
CHAD
CONGO
central america 4’667’994
747’591
34’572
580’862
17’511
1’905’492
84’579
669’404
627’983
ARUBA
COSTA RICA
GUATEMALA
HAITI
HONDURAS
MEXICO
NICARAGUA
PANAMA
south america 3’711’163
151’238
735’068
1’147’279
388’986
1’288’592
BOLIVIA
BRAZIL
CHILE
COLOMBIA
PERU
north america 5’526
5’526 UNITED STATES
east europe 898’974
421’264
477’710
BULGARIA
RUSSIAN FEDERATION
international (shipping)
171’049
oceania 1’123’731
100’010
637’706
285’463
100’552
AUSTRALIA
NEW ZEALAND
NEW CALEDONIA
PAPUA NEW GUINEA
north africa 192’086
192’086 SUDAN
south africa 360’127
124’179
235’948
LESOTHO
SOUTH AFRICA
west africa 5’956’669
161’763
4’678’472
3’430
912’459
196’711
3’834
BURKINA FASO
GHANA
GUINEA
MALI
NIGERIA
TOGO
south asia 8’311’605
188’904
7’193’810
823’527
98’286
7’078
BANGLADESH
INDIA
NEPAL
PAKISTAN
SRI LANKA
south east asia 8’928’887
1’269’210
250’945
289’285
56’913
393’839
3’255’706
24’857
3’388’132
CAMBODIA
INDONESIA
LAOS
MYANMAR
PHILIPPINES
THAILAND
TIMOR-LESTE
VIET NAM
east asia 19’116’345
14’725’918
260’920
4’129’507
CHINA
MONGOLIA
TAIWAN
west asia 27’175’068
27’175’068 TURKEY
figure 5 – Emission reductions from Gold Standard certified projects by region
In total, Gold Standard has issued 98.4 million carbon credits from projects based in more than 60 different countries around the world. Figure 5 below provides an overview of where these emission reductions took place.
12© Copyright 2019 Gold Standard
market report 2018
In 2018, Gold Standard issued credits for 19.5 million emission reductions – the equivalent of taking over 4 million cars off the road for a year.
GOLD STANDARD A closer look at 2018
13© Copyright 2019 Gold Standard
market report 2018
› av
A CLOSER LOOK AT 2018 Issuances and retirements for 2018 by quarter
Gold Standard projects issued a record high 19.5 million carbon credits in 2018, an increase of 42% in comparison to 2017. CER label issuances were down by 10%, however, VER issuances increased by 56%, with a total of 16.8 million VERs being issued throughout the year. Voluntary retirements were also at a record high, with 9.4 million (a 19% increase) credits being permanently retired.
table 2 – Gold Standard issuances and retirements for 2018 by quarter
› Q1 › Q2 › Q3 › Q4 › TOTAL
Issuance of CERs (compliance market)
› 567,807
-20%
› 1,178,650
60%
› 816,823
10%
› 106,480
-87%
› 2,669,760
-10%
Issuance of VERs (voluntary market)
› 3,977,085
+55%
› 4,884,500
+124%
› 5,079,291
+74%
› 2,851,414
-8%
› 16,792,290
+56%
TOTAL ISSUANCES › 4,544,892
+38%
› 6,063,150
+108%
› 5,896,114
+61%
› 2,957,894
-24%
› 19,462,050
+42%
Retirement of VERs (voluntary market)
› 2,378,637
+1%
› 2,201,496
+8%
› 2,307,747
+65%
› 2,530,185
+17%
› 9,418,065
+19%
14© Copyright 2019 Gold Standard
market report 2018
› av
A CLOSER LOOK AT 2018 2018 issuance + retirement volumes by project type
REtiREd VERs
issuEd VERs
REtiREmEnt/issuanCE Ratio
Figure 6 shows the VER issuances and retirement volumes by project type. In 2018, Afforestation/Reforestation (A/R) projects, biomass, domestic energy efficiency (EE) projects such as energy saving lamps and heating, and waste management projects all retired more credits than were issued. Both wind and cookstove projects issued double the amount of credits in comparison to 2017.
figure 6 – Issuances and retirements by project type
WasteManagement
WaterPurification
HouesholdBiogas
SolarBiomass EE -Other HydroIndustrialBiogas
Forestry(A/R)
GeothermalEE -Domestic
Cookstove Wind
1M
2M
3M
4M
5M
6M
15© Copyright 2019 Gold Standard
market report 2018
A CLOSER LOOK AT 2018 2018 issuance volumes by location
central africa 33’559
east africa 4’081’109
east asia 2’339’567
south asia 2’327’287
south east asia 2’106’208
west asia 4’319’495
oceania 29’144
international (shipping) 44’264
central america 1’045’867
south america 1’513’923
>500
<500
<1M
<3M
north africa 60’833
south africa 47’357
west africa 1’513’437
figure 7 – Issuance volumes by location
In 2018, we issued carbon credits from projects based in 44 different countries around the world. The graph below provides an overview of where these issuances took place.
16© Copyright 2019 Gold Standard
market report 2018
A CLOSER LOOK AT 2018 2018 retirement volumes by location
figure 8 – Retirement volumes by region
Figure 8 provides insights into which regions are retiring credits from which countries. In 2018, 88% of the credits retired were by organisations based in Europe, namely, Germany (27%), Switzerland (21%), the Netherlands (17%) and the United Kingdom (16%). They mainly supported projects based in Africa and Asia.
African retirements
American retirements
Asian retirements
European retirements
Oceanian retirements
3'029'899
1'236'617
3'761'003
9'657
37'743
International
Asia 59'812
27'799
45'376
22'350 Oceania
7'556
Europe 223'854
1'084 1'08
110’760Africa
America 455'995
301'568
96'992
17© Copyright 2019 Gold Standard
market report 2018
We hope you find this data of value.
We would like to evolve and improve this report over time and welcome your comments or suggestions.
Please send any feedback to [email protected]
+41 (0) 22 788 7080
@goldstandard
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