ALIGNING CARBON CREDITS TO SDGS: A HOLLISTIC APPROACH
The Sustainable Development Goals (SDGs), devised by the United Nations, constitute an ambitious and comprehensive roadmap for addressing the world's most pressing challenges. Spanning 17 goals and 169 targets, the SDGs encompass a wide spectrum of objectives, ranging from eradicating poverty and hunger to promoting environmental sustainability and fostering global partnerships. These global aspirations provide not only a shared vision but a universal call to action for governments, businesses, and communities worldwide.
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Integrating the SDGs into the framework of carbon credit projects is imperative for a nuanced and inclusive approach to sustainability. Carbon credits, traditionally associated with mitigating greenhouse gas emissions, gain enhanced significance when aligned with the broader SDGs.
This alignment ensures that the impact of carbon credit initiatives goes beyond a narrow focus on emissions reduction, extending its reach to address socioeconomic inequities, environmental degradation, and the broader complexities that characterize sustainable development.
HOW LEAVIT RESONATES WITH UN'S SUSTAINABLE DEVELOPMENT GOALS ?
AVOIDING DRILLING ALL TOGETHER CONTRIBUTE TO SEVERAL SDGS
In confronting the environmental toll of drilling practices, LEAVIT confronts and addresses a wide spectrum of negative externalities.
Beyond the evident carbon emissions, LEAVIT's initiative actively mitigates the social and environmental consequences associated with oil extraction including :
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Environmental Pollution: Oil spills and leaks can lead to severe pollution of water bodies and ecosystems.​
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Habitat Destruction: Drilling activities can result in the destruction of natural habitats, impacting wildlife and biodiversity.
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Air Pollution: Combustion of fossil fuels during drilling operations releases pollutants into the air, contributing to air quality degradation.
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Deforestation: Clearing land for drilling infrastructure can lead to deforestation, affecting ecosystems and carbon sequestration.
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Water Contamination: Drilling can introduce pollutants into groundwater, affecting local water supplies and ecosystems.
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Community Displacement: Local communities may be displaced or disrupted due to the expansion of drilling activities.
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Noise Pollution: The machinery and equipment used in drilling operations can cause noise pollution, impacting local communities and wildlife.
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Health Impacts: Exposure to pollutants from drilling operations can have adverse health effects on nearby populations.
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While the extent and nature of these externalities can vary based on factors like drilling methods, regulatory frameworks, and mitigation measures, the risks associated with drilling are palpable. Finding real-life examples linked to these risks is not a challenging task.
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A TRUST FUND CREATED WITH THE OFFSETTING MONEY
LEAVIT offer a unique advantage: leaving oil underground incurs no cost, unlike protecting forests or capturing and storing CO2. This means that all offsetting funds can be fully invested in the country's actual economy to deter it from drilling.
A trust fund managed in collaboration with the mineral right owner would strategically invest in local initiatives that yield positive social and environmental outcomes.
For instance, a portion of the funds could be directed towards establishing renewable energy power plants, capable of matching the energy potential equivalent to the oil reserves left untouched and mitigating leakage. Or other projects such as reforestation, revitalizing ecosystems, and agricultural development that enhances local livelihoods while preserving the environment.
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The trust fund would be overseen by a Board of Trustees comprising representatives from Leavit, mineral rights owners, and independent experts in sustainable development. This diverse composition ensures a well-rounded perspective on fund management.
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If you're seeking additional information on:
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The governance of the Trust Fund
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The link between carbon credit sales and fund investments
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A list of potential investments in a case study
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