The future building stock is the most effective and most immediate opportunity for carbon reduction and long-term carbon storage. By creating a new economic model for monetising the carbon reduction and storage capacity of the future building stock, the use and specification of low-carbon and carbon-storing materials could be incentivised.
Woodknowledge Wales have been working with providers of a voluntary carbon marketplace that pairs business buyers with building projects that demonstrate meaningful carbon reduction and carbon storage (30+ years). To demonstrate the viability and potential economic incentive, we have developed this exemplar carbon storage contract based on a recent social housing development in Llanbedr, Wales.
The goals are:
- To change the financial equitation for developers, architects, engineers, and builders to use more low-carbon and carbon storing building materials.
- To enable businesses to achieve their carbon reduction goals by purchasing reliable, verifiable, and asset-backed carbon reduction and storage contracts (CRSCs).
The building industry has adopted EN 15978 as the platinum standard for quantifying CO2 avoidance and CO2 storage which allows this mechanism to work internationally.
For further information, please get in touch: info@woodknowledge.wales.
