Our Project MRV Approach

In an increasingly scrutinised market, it is critical that carbon projects actually do what they say they do: reduce, avoid or sequester carbon emissions. This requires a high integrity and transparent approach, which is founded on the principles of monitoring, reporting and verification (MRV).

• Monitoring: that emissions are accurately and consistently monitored and measured.
• Reporting: that emission reduction measurements and data are reported to regulators.
• Verification: that information reported is reviewed and verified by independent auditors.

Good MRV is all about quality assurance and WeAct ensures that its MRV practices are consistent with best practice global standards, and where possible exceed these standards by adhering to higher levels of conservatism. WeAct approaches quality assurance from both internal and external standpoints.

WeAct only works with, and trades credits from globally recognised carbon measurement standards, that:

• have deep expertise in the fields of both nature and technology carbon measurement and crediting;
• Strong governance and independent review processes, including technical oversight of standard setting and grievance mechanisms;
• Takes a rigorously transparent, science-based approach to emissions reductions; and
• Continuous improvement mechanisms (including working groups) to strengthen the standard and methods over time.

To date, this has included the following carbon standards:

• Australian ACCU Scheme (CFI): The Australian ACCU Scheme (formerly Emissions Reduction Fund), is implemented nationally under the Carbon Farming Initiative Act 2011 provides a system of governance, methodologies and carbon crediting that is overseen by the Australian Government’s Clean Energy Regulator. The ACCU Scheme creates Australian Carbon Credit Units (ACCUs) for trade in domestic Australian markets only.
• Verified Carbon Standard (VCS): Verra’s VCS is the largest independent international carbon standard, and is recognised as having a strong system of governance, independent review and redress mechanisms. Whilst the VCS is focused on carbon outcomes, there are other emerging accreditations under Verra that allow for recognition of non-carbon development benefits. The VCS creates Verified Carbon Units (VCUs) for trade in global carbon markets.
• The Gold Standard: Operating as an international carbon crediting standard, the Gold Standard has a high level of integrity, and also includes in its methods the quantification of non-carbon ‘sustainable development’ benefits. The Gold Standard creates Verified Emission Reductions (VERs) for trade in global carbon markets.
• Clean Development Mechanism (CDM): The CDM is the UNFCCC carbon crediting scheme of the former Kyoto Mechanism that allowed for the crediting of carbon projects undertaken in developing countries. The CDM created Certified Emission Reductions (CERs) for trade in global carbon markets. This system has closed and is superseded by the Paris Agreement and it’s (soon to be operational) Article 6.4 markets mechanism.

Acknowledging the inherent risks associated with undertaking carbon projects, WeAct endeavours where possible to take a more conservative approach that what is required by carbon standards and methods. This approach differs from project to project, but includes specific pre-project baseline, project monitoring, and internal governance approaches. More detail on these approaches can be found in Our Environmental Integrity Approach. Specifically with regards to MRV, we work in the following ways across our project portfolio.

1. Monitoring (Measurement)

Across all of our projects, we undertake continuous monitoring, that goes beyond the fairly irregular requirements of many methods. We find that ongoing monitoring allows us to manage issues as soon as they arise (and in many cases prevent them entirely), and ensure that we have strong and transparent data monitoring processes that are up to date and using real-time data as much as possible.

Our in-country and technical teams work with local experts to ensure measurements are taken in way consistent with the method, and using the most appropriate technology for accuracy and efficiency. We ensure that our data is traceable back to source and that records are kept beyond the usual required life cycles.

2. Reporting

We undertake reporting at regular intervals, to ensure that the crediting and benefits sharing outcomes of the projects are provided at regular intervals. Not only does this give us regular and formal touchpoints with the projects, standards and communities, but it maintains the connection between the project activities undertaken by community members, and the benefits they receive. This strengthens the relationship between WeAct and our communities in an ongoing fashion.

3. Verification

Regular reporting means regular verification. This regular audit of our projects provide useful independent health checks, ensuring that our projects are effectively achieving their emissions reduction goals, whilst delivering real impact. It helps us also reconfirm to the market at regular impacts that our emission reductions are real, measurable and verified against the best-in class standards.

We note that working under international standards, independent verification is required as part of each reporting and credit issuance request cycle. Under the Australian ACCU Scheme, the verification/audit cycle happens independently of the reporting and crediting cycles (across our land-based ACCU projects, audits are required (roughly) after year 1, 7 and 15 of the project’s crediting period.

Our Commitment

The global market is evolving rapidly as are its requirements for improved measurement, reporting and verification. Buyers are increasingly looking for access to real-time project data that can be tracked back to source from the credit that is traded. We are examining this ongoing market evolution, and investing in innovation and technologies that will continue to give us the most accurate information possible, and put us at the forefront of integrity, transparency and accountability in the MRV systems and projects that we manage across the world.