In order to quantify carbon credits, we need to refer to a baseline scenario and the protocols applicable to the Project.
- The baseline scenario is the practice before the implementation of the project.
- The protocols are the methodologies used to calculate the carbon credits issued from the project. Protocols and methodologies are the formulas and calculation parameters of the GHG reductions.
There are several programs and methods and the names of the carbon credits may vary depending on the programs according to which the quantification was made.
- Verified Emission Reductions are carbon credits issued in accordance with Standard ISO 14 064-2
- The Climate Reserve Tonnes (CRT) are carbon credits registered under the Climate Action Reserve, a Californian registry.
The Verified Carbon Standard program (VCS) call carbon credits Verified Carbon Unit (VCU) through the use of various methods other than the VCS methodology, for examples: the Clean Development Mechanism (CDM) and Climate Action Reserve (CAR) (except for Forest and Urban Forest methodology) (http://vcs.org/methodologies/what-methodology)
In Canada, the registry that is often used is the GHG CleanProjectsRegistry of the Canadian Standards Association.
The vintage of a carbon credit and the methodology that was used for the quantification are some of the elements that influence the price of carbon credits.