Introduced the carbon credit market in the agricultural sector in Asia, focusing on the perspective of MRV
Green Carbon, Inc. (CEO: Jun Okita, hereinafter referred to as “Green Carbon”) is pleased to announce that it has participated in a workshop co-hosted by the United Nations Food and Agriculture Organization (FAO※１) and Japan’s Ministry of Agriculture, Forestry, and Fisheries (MAFF), held in Bangkok, Thailand from Monday, October 21 to Wednesday, October 23, 2024. At the workshop titled “Climate Transparency in Agrifood System: Understanding MRVs and COP29 preparation”, Green Carbon participated in a session on Measurement, Reporting, and Verification (MRV) systems for greenhouse gas emissions, which was held on the second day of the event. As an expert in the field of carbon credits, Green Carbon introduced the potential for expanding the carbon credit market in the agricultural sector in Asia, focusing on the perspective of MRV systems.
◆Workshop Overview
This workshop was focused on MRV systems for climate change mitigation in the agrifood systems of the Asia-Pacific region, as well as preparations for COP29. The workshop aimed to deepen understanding of the role of MRV systems within agrifood systems, particularly in their application to Nationally Determined Contributions (NDCs※2) and project management. Additionally, the event was held as preparation for countries in the Asia-Pacific region to collaborate effectively at COP29, with the goal of strengthening cooperation between public, private, and academic sectors and promoting the practice and improvement of MRV systems.
Organizers ：Food and Agriculture Organization of the United Nations (FAO), Ministry of Agriculture, Forestry and Fisheries (MAFF)
Date : October 21-23, 2024
Venue : Novotel Ploenchit, Bangkok, Thailand
Theme of each schedule :
〈Day1〉Preparation for COP29
〈Day2〉Understanding MRV systems
〈Day3〉Promoting and improving MRV practices
◆Background of Participation in the Workshop
Green Carbon is dedicated to creating nature-based carbon credits in the Asia-Pacific region, particularly in Southeast Asia. Our initiatives include a wide range of projects such as forest conservation, rice paddy management, mangrove reforestation, reducing methane emissions from cattle, and biochar projects. This time, Green Carbon was invited to the workshop due to its recognized expertise in generating carbon credits in the agricultural sector. During this event, Green Carbon presented how we ensure accuracy and transparency in the process of measurement, reporting, and verification (MRV) from the generation to the sale of agricultural carbon credits, showcasing its achievements. The workshop underscored the critical role MRV plays in the healthy development of carbon market and in enhancing the effectiveness of climate change mitigation efforts. It provided an opportunity to reemphasize the importance of MRV systems.
Additionally, it was highlighted that while governments and international agreements are advancing, companies are increasingly adopting technologies to measure, estimate, monitor, and report emissions reductions. However, challenges such as the risk of double-counting, greenwashing, and issues specific to the agricultural sector – such as difficulties in data collection, lack of funding, institutional barriers, data quality and accessibility, and the need for capacity building – were also brought to light.
To address these challenges, solutions such as leveraging technology (satellites, AI, sensors), securing funding, strengthening institutional frameworks, enhancing international cooperation, and improving collaboration among stakeholders were deemed necessary. In this context, Green Carbon is working to expand its carbon credit generation projects in the agricultural sector by utilizing satellite technology, collaborating with local educational and research institutions, and developing and applying our own services, such as “Agreen.” Through these efforts, Green Carbon aims to improve MRV quality and contribute to the realization of a decarbonized society.
※1： United Nations Food and Agriculture Organization（FAO）
The FAO is the leading agency within the United Nations system for advancing food security, nutrition, agriculture (including crops, livestock, fisheries, and aquaculture), and rural development.
※2：NDC（Nationally Determined Contributions）
“Greenhouse gas emission reduction targets” that countries are required to submit every five years under the Paris Agreement.
◆Green Carbon, Inc.
Representative : Jun Okita, CEO
Location : Isal AKASAKA607, 5-2-33 Akasaka, Minato-ku, Tokyo
Establishment : December 2019
Business : Carbon credit creation and sales business, agriculture-related business, environment-related business, other related businesses and ESG consulting business
URL : https://green-carbon.co.jp/
◆Introduction of Green Carbon
Green Carbon operates with the vision of “Saving the Earth with the Power of Life”, providing comprehensive support from carbon credit creation, registration, to sales. Additionally, we are involved in agriculture-related businesses, research and development, ESG consulting. Among others. Our main focus is on generation carbon credits through methane gas reduction in rice paddies, where we have obtained certification for J-Credits, the first and largest in Japan (approximately 6,220 tons), and plan to expand to around 50,000 hectares in the fiscal year 2024. We also offer a service called “Agreen” that integrates credit registration, application, and sales into one platform, simplifying procedures such as application registration and document preparation, thus reducing workload for credit creators.
◆GREEN CARBON JAPAN VIETNAM COMPANY LIMITED
Abbreviation ：GREEN CARBON JAPAN VIETNAM CO,. LTD
Representative ：Jun Okita, CEO
Location ：10th Floor, The Nexus Building, 34-3B Ton Duc Thang, 1, Ho Chi Minh City, Vietnam
Establishment : August 24
Businesses : Carbon credit creation and sales business. agriculture-related business