Yale’s carbon reduction strategy is largely achieved through significant investments in on-campus emissions reductions and generation of renewable energy. In order to act swiftly on climate, we also invest in off-campus reductions by purchasing third-party verified carbon offsets. In doing so, we can help to assess, refine, and implement scientifically-supported climate solutions while accelerating Yale’s progress toward achieving carbon neutrality.
What’s a Verified Carbon Offset?
A verified carbon offset is a reduction, removal, or avoidance of one metric tonne of carbon dioxide equivalent emissions (MTCO2e) from the atmosphere. Purchasing verified carbon offsets can counterbalance emissions that take place on Yale’s campus.
Why does Yale purchase Verified Carbon Offsets?
While on-campus measures can take many years to achieve, off-campus solutions are deployed more quickly and with a wider range of technologies, partners, benefits, and locations. Yale’s purchase of verified carbon offsets holds the potential to:
- Pilot new climate finance practices that support environmental stewardship
- Develop a sustainable model for institutions to reduce their carbon emissions
- Pursue innovative research partnerships and efforts that could contribute to solutions and service the academic community
Some purchased verified carbon offsets will be subtracted against Yale’s own emissions, accelerating the University’s pace to meet its net zero target. Other offsets may be held and retired later or sold to other organizations seeking to counterbalance their own carbon footprints.
As on-campus energy efficiency improvements continue to drive down on-campus emissions, Yale’s use of verified carbon offsets to help meet its zero carbon emissions target is expected to decline.
Verified carbon offsets can be a powerful tool when they exhibit environmental integrity and deliver the greenhouse gas reduction or removal they claim. Non-profit, third-party organizations have established rigorous standards used to certify and verify the integrity of carbon offsets that are produced, including:
Yale values environmental integrity and will only purchase and develop offsets that meet these standards and are verified by a third-party auditor, as well as meet Yale’s own rigorous due diligence screening for environmental integrity and environmental justice. In addition, Yale’s emissions accounting will align with the reporting standards set by The Climate Registry, whose own standards are based on the Greenhouse Gas Protocol.
How are Yale’s Verified Carbon Offsets selected?
Yale’s Carbon Offset Working Group has developed a robust process for determining what offsets to select. This process includes the following steps:
1. Define project types and criteria
We use The Climate Registry standards as a baseline for any verified carbon offset project we might consider. Projects must be real, additional, permanent, transparent, verified, and owned unambiguously.
2. Receive project proposals
The Carbon Offsets Working Group requests projects that meet Yale’s criteria from pre-selected providers.
3. Score projects
A weighted multi-factor scoring rubric is used as a tool to screen verified carbon offset projects.
4. Apply knock-out criteria
After scoring, projects are reviewed for a sub-set of due diligence factors that may “knock-out” an unqualified project from consideration.
5. Conduct due diligence
Members of the Working Group are assigned to research, review, and sometimes visit potential projects in a rigorous vetting process.
6. Construct portfolio and make recommendations
A portfolio approach enables us to support investments in different types of projects, different locations, and with different technologies, helping to broaden the marketplace for high-quality, carbon offset projects.
7. Register and retire
Verified carbon offsets are applied toward Yale’s annual net emissions goal after the purchased offsets are retired, ensuring those reductions cannot be claimed by another organization.
Who is Involved?
The Carbon Offsets Program Oversight Committee reviews and approves recommendations put forward by the Carbon Offsets Working Group. Members of the Carbon Offsets Program Oversight Committee have included representatives from the following:
- Investments Office
- Office of the Provost
A supporting Carbon Offsets Working Group, comprised of faculty, staff, alumni, and students is charged with selecting and purchasing verified carbon offsets that meet an established set of standards.