Our Services
Mitcarbon Consulting offers services in the Arena of Climate Change and Carbon Credits
Carbon Footprinting & Neutrality
Carbon Neutrality means having a balance between emitting GHGs and avoiding/absorbing GHGs from the atmosphere in carbon sinks. Removing carbon dioxide from the atmosphere and then storing it is known as carbon sequestration. In order to achieve net zero emissions, worldwide greenhouse gas emissions will have to be counterbalanced by carbon sequestration.
Carbon sink is any system that absorbs more carbon than it emits. The main natural carbon sinks are soil, forests and oceans. According to estimates, natural sinks remove between 9.5 and 11 Gt of CO2 per year. Annual global CO2 emissions reached 37.1 Gt in 2017. Till date, no artificial carbon sinks are able to remove carbon from the atmosphere on the necessary scale to fight global warming.
The carbon stored in natural sinks such as forests is released into the atmosphere through forest fires, changes in land use or logging. This is why it is essential to reduce carbon emissions in order to become carbon neutral.
Steps to go carbon neutral
1. Define: Set your carbon neutrality and carbon management strategies
2. Measure: Calculate & track your carbon footprint
3. Reduce: Implementing cost effective carbon reduction programmes to offset emissions through a wide choice of high quality projects around the world
4. Communicate: Demonstrate your climate action and engage your employees, customers and shareholders
One of the most used jargon in the management world is: –
“What gets MEASURED, gets MANAGED”
The same principle does applies to managing your Carbon Footprint. First step towards managing your carbon footprint is measuring your Carbon Footprint.
Carbon footprint or GHG Inventory is the total amount of Green House Gases (GHGs) released into the atmosphere due to a particular anthropogenic (human) activity normalized according using the Green House Warming potential values of the GHGs.
Standards Available for GHG Inventory analysis:
– The Greenhouse Gas Protocol by WBCSD and WRI
– ISO 14064- 1, 2, 3 : 2019
To help delineate direct and indirect emission sources, improve transparency, and provide utility for different types of organizations and different types of climate policies and business goals, three scopes:
– Scope 1 – Direct GHG Emissions
– Scope 2 – Electricity indirect GHG emissions
– Scope 3 – Other indirect GHG emissions
Steps to GHG Inventory analysis
– Understanding Business Goals and Inventory Design
– Setting Organizational Boundary
– Setting Operational Boundary
– Tracking Emissions over time
– Identifying and calculating GHG emissions
– Managing Inventory Quality
– Accounting for GHG Reductions
– Reporting GHG Emissions
– Verification of GHG Emissions
– Setting a GHG reduction target
Sustainability Advisory
"Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs".
A sustainability report is an organizational report that gives information on company’s environmental, social and economic performance and impacts and the initiatives for improving performance in these areas. It is a major tool in managing change towards a sustainable global economy – one that combines long term profitability with social justice and environmental care. As stakeholders of organizations demand more transparency from profit and not-for-profit entities, environmental and sustainability reporting is a means to address this demand.
Why sustainability reporting is important to business ?
Performance-based reporting responds to stakeholder desires for “robust data clearly showing progress over time on specific issues, a proven track record of actions to achieve goals, and a clear link between sustainability and business strategy”. The report also shows to stakeholders who demand data to back performance claims, essentially withholding trust unless they see quantitative evidence of impact.
What performance-based reporting does not address is a company’s forward strategy – that is, reporting as a means to discuss future challenges and to invite others to co-create solutions. Sustainability holds that the best reports mix numbers, stories and learning. One of the strongest arguments in favor of disclosure lies in the value creation opportunities that may emerge for companies willing to take a thoughtful look at their current and potential sustainability initiatives.
Communication of business performance on sustainability, in the most effective way to meet stakeholders’ needs, can contribute to:
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Building trust among customers, suppliers, employees and the local community
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Strengthening the credibility and reputation of companies
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Maintaining their competitive advantage
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Preserving existing customers and helping to win new ones in B2C (business to consumer) and B2B (business to business) relationships
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Increasing the acceptance of the company in and by the local community and creating a good basis on which disputes can be resolved constructively and successfully
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Helping companies to attract and retain the best employees
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Empowering employees to identify business risks and optimize processes
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Fostering investment in a world competing for access to funds
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Supports company strategy and shows commitment to sustainable development
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Serves as a guide to CSR and environmental programs, which facilitates continuity in the face of turnover and organizational shifts
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Enables companies to identify and address business risks and opportunities; understanding risks and dealing with those risks appropriately saves companies time
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Money and avoids loss of reputation
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Ensures transparent communication and engagement with stakeholders in respect to the company’s sustainability performance and provides the consumer and
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Other interest groups with all the relevant information to make informed choices
Thus sustainability reporting improves communication, trust and reputation with :
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All stakeholders, including investors, credit agencies, customers, employees, and business partners.
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Helps to attract capital from green investors by identifying new markets and business opportunities and
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Demonstrates the long-term, sustainable financial value of an organization.
Renewable Energy Consulting
A shift from use of conventional energy sources to Renewable Energy sources for generation of energy is a new vogue as well as need of the hour. Use of renewable energy sources for energy generation gives a massive thrust towards attainment of sustainability goals and dissipate effects of ‘Climate Change and Global Warming’.
Over a period, many countries have brought in regulations to make industries compliant with their renewable energy generation and consumption targets. In some areas, the economics and other market factors might not support investment in a RE project or signing an RE PPA (Power Purchase Agreement). On contrary in other areas the policies are in favor of such investments and might result in surplus RE power generation. This arbitrary opportunity supports a market creation for trading of the green/renewable attribute of the electricity.
Here are the basic issues which many organisations face in this offsetting process and how EnKing International provide a solution to it with our IREC Advisory Services!
Business Challenge :
1. Awareness on existence of such market mechanism
2. Knowledge on process of different certification standards
3. Keeping themselves updated with the recent changes to the regulations
4. Finding a market for buying or selling the certificates (I-RECs)
Our Solution :
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End to end management of the Renewable Energy Certificates from eligible RE projects.
Power Trading
Power trading refers to the purchasing and selling of power between participants in the energy industry. There are various forms of power trading that are possible. However, it all depends on the market design, ranging from short-term trading to long-term power purchase agreements.
Today’s power companies and utilities must deal with unprecedented volatility in power prices, complex transmission networks, and evolving regulatory requirements. Sudden swings in power prices impair forecasts and negatively impact bottom lines. Volatile transmission costs decrease profitability.
Power is traded on different marketplaces, but generally, the power delivery timeframe and the form of the transaction characterize how the marketplaces are defined. Since power cannot yet be stored in large quantities, power trading is executed by using either short-term trades or long-term agreements.
Generally, power is traded in different types of marketplaces. Some of which include:
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OTC: OTC means over the counter trading. It is the most common type of power trading available. Here power is traded between two parties with prices agreed on bilateral negotiations.
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Short-term power trading: Just like trading in the stock exchange, short term power trading involves the anonymous exchange of power between parties involved. This type of power trading is quite popular. There is a transparent system provided to get rid of all types of fraudulent activities.
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Day ahead: In this type of power trading system, power for the next day is traded a day ahead auction for dedicated hours.
Benefits of Power Trading :
Power Trading is beneficial to both to power sellers and buyers. Some of these benefits include:
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It helps in matching power buyers and sellers in line with some specific criteria that include region, and price
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It provides a 100 percent transparent system that is risk-free.
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Power trading provide sellers the opportunity to secure the best prices for products available
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For the buyers, power trading allows them to get their right product at a reduced cost
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It provides a wide variety of contracts to help buyers and sellers manage contingencies.
GHC Mitigation
The Paris Agreement requires us to keep global heating to significantly less than 2 degrees Celsius and ideally to limit this to below 1.5 degrees Celsius in order to avoid dangerous climate change. Achieving this goal will require a fundamental restructuring of our economy and society, together with complete decarbonization by the middle of this century. Necessary measures include stopping the use of fossil fuels, expanding renewable energy sources, increasing energy efficiency, phasing out the use of fluorinated greenhouse gases (F gases) that are extremely harmful to the climate, as well as sustainable approaches to transport and urban planning.
The development of a circular economy and waste management to protect the climate and conserve resources, and the adoption of sustainable patterns of production and consumption are other high-level activities needed to achieve these climate goals. Just as relevant for mitigation efforts are the land use sector – represented by agriculture, for example – and the finance sector, which must champion sustainable investment in order to implement the Paris Agreement. To achieve the sustainable development goals (SDGs) agreed as part of Agenda 2030, the wide range of synergies between greenhouse gas mitigation and climate adaptation measures must also be considered, as well as other development goals.
Mitcarbon supports the development of systems for measurement, reporting and verification (MRV), and for ensuring full disclosure (in the sense of the Paris Agreement) of greenhouse gas emissions, mitigation activities, climate financing and measures for climate change adaptation. A large number of projects also pursue the goal of mobilizing public and private capital for climate change mitigation.
In terms of methodological goals, the mitigation funding area addresses policy consulting, capacity building and training measures, as well as cooperation on technologies. By the end of 2020, a total of 400 projects had been approved in this funding area.