3.4 Net carbon sequestration
Requirement
Net project carbon sequestration shall be calculated using the Forest Carbon Calculator (Skógarkolefnisreiknir) on the Icelandic Forest Service website adjusted for leakage and baseline status if applicable. The predicted number of carbon units by vintage shall be identified according to the project’s verification schedule. These shall be divided into the contribution to the FCC buffer (20%) and the claimable carbon sequestration (80%). The net carbon sequestered to date and carbon sequestered in the current vintage/monitoring period shall be confirmed in the Monitoring Report. At Year 5, this is based on the projected carbon sequestration. From Year 15 onwards, this is based on field survey measurements.
Means of Validation
- Forest Carbon Calculator (Skógarkolefnisreiknir) on the Icelandic Forest Service website
- Pending Issuance Units by vintage in Project Design Document
Means of Verification
- Confirmation of carbon sequestered to date and carbon sequestered in current vintage from Monitoring Report
- Updated Forest Carbon Calculator (Skógarkolefnisreiknir) results, if required
Guidance
Net Project Carbon Sequestration is the total amount of carbon sequestered by the project which can be converted into carbon units. These are divided between the proportion that will contribute to the shared FCC Buffer (20%), and the claimable carbon sequestration which is the amount the project can sell (80%).