Climate Contract Playbook Edition 3
108
Carbon Dioxide Equivalent (CO2e or CO2eq) means the standard metric measure used by the United Nation (UN)’s Intergovernmental Panel on Climate Change (IPCC) to compare the emissions from Greenhouse Gases on the basis of their global warming potential over a specified timescale in order to express a Carbon Footprint that consists of different Greenhouse Gases as a single number. Carbon Footprint means the amount in tonnes of carbon dioxide and Carbon Dioxide Equivalent of GHG Emissions that will be released into the atmosphere as a result of [the Project] [any Eligible Transaction funded by the Company using monies provided by the [Shareholder] [Lender] [Guarantor]] determined in accordance with the [Shareholder] [Lender] [Guarantor]’s carbon footprint methodology and carbon footprint tool. [ Carbon Footprint Standard means an internationally recognised standard for quantifying, monitoring, reporting and validating or verifying of GHG Emissions.] Carbon Neutral means that every tonne of Greenhouse Gases emitted or caused to be emitted in relation [to the Project] [any Eligible Transaction funded by the Company using monies provided by the [Shareholder] [Lender] [Guarantor]] has been replaced by an equivalent amount of Greenhouse Gases removed in the same period by Carbon Offsetting. Carbon Neutral Date means the date set by the Board for [the Company] [any Eligible Transaction funded by the Company using monies provided by the [Shareholder] [Lender] [Guarantor] to achieve Carbon Neutral status, which date should not be more than 24 months from the date of [INSERT]. Carbon Neutral Plan means the [Company]’s plan to achieve and maintain Carbon Neutral status, [which should be determined by reference to the GHG Protocol], by the Carbon Neutral Date. Carbon Offsetting means the purchase of a quantity of carbon credits equal to the amount of the Company’s GHG Emissions from a Carbon Offset Provider. Climate Standard Terms means clauses [●] to [●]. Climate Change Standard means the climate change standard of the [Shareholder] [Lender] [Guarantor] as attached at Schedule [●]. Carbon Offset Provider means the following organisations [INSERT]. Climate Monitoring Report means a report on: a) the Company’s compliance with the Sustainability Management Standard, the [Shareholder(s)] [Lender(s)] [Guarantor(s)]] Climate Change Standard or, as the case may be, identifying any non-compliance or failure and the actions being taken to remedy such non- compliance or failure;
b)
achievement of the Sustainability Goals; and
c) the Project Climate Information, substantially in a form agreed between the Company and the [Shareholder] [Lender] [Guarantor], as such form may be amended or supplemented from time to time with the consent of the [Shareholder] [Lender] [Guarantor].
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