MyCarbon seeks to develop, source, and trade high-quality carbon credits from projects concerned with Latin American forestry, land use, and renewable energy. At the same time, it supports companies in their carbon footprint reduction goals, as well as farmers in the pursuit of agricultural best practices—contributing to the sustainable use of natural resources.
This project comprises a total of 21,298 hectares of land previously under extensive beef cattle grazing, on which forest plantations are established with the aim of obtaining high-value, long-lived timber products while sequestering large amounts of carbon dioxide from the atmosphere. These forests are based mainly on Eucalyptus and Pinus tree specie rotations, with practices compatible to FSC standards for sustainable forest management.
A baseline study determined that the continuation of extensive grazing would have been the most likely use of the land. Additionality is demonstrated through the fact that the expected internal rate of return of the proposed project activity—without considering carbon finance—is lower than the benchmark internal rate of return for this type of investment in Uruguay. Moreover, a barrier analysis and common practice analysis showed that afforestation in the area of the proposed project is not likely to occur without carbon financing.
This project has resulted in a significant contribution to the sustainable development of Uruguay, through several factors: increased employment and quality of employment; rural development (decentralization); increased gross value of production; improved fiscal balance; biodiversity preservation; and improvement and preservation of soil quality. Remote sensing also monitors carbon stock changes for living and dead biomass. The potential non-permanence of stored carbon is being considered by the non-permanence risk analysis and buffer determination.
Credits from this project have a Low likelihood of achieving a full tonne of CO2e avoidance or removal.
VCS959
The BCR expresses BeZero's opinion that a given carbon credit represents one tonne of CO2e avoided or removed. Making this assessment requires analysing the risks a project is exposed to and how they impact the carbon efficacy of the credits issued. The full details of how the BCR assessment is conducted can be found in the BCR methodology document.
The multi stage process of assessing a credit's carbon efficacy culminates in an analytical view of the likelihood it achieves a tonne of carbon avoided and/or removed. This view is expressed through the rating definition, i.e. the range of likelihoods assigned, and reflected in the rating scale.
The BeZero Carbon Rating follows a robust analytical framework involving detailed assessment of six critical risk factors affecting the quality of credits issues by the project.
Permanence is risk that the carbon avoided or removed by the project will not remain so for the time committed.
Permanence is weighted at 10% for determining the final BeZero rating.
Political Environment is risk that the policy environment undermines the project's carbon effectiveness.
Political Environment is weighted at 5% for determining the final BeZero rating.
Additionality is risk that a credit purchased and retired does not lead to a tonne of CO2e being avoided or sequestered that would not have otherwise happened.
Additionality is weighted at 50% for determining the final BeZero rating.
Over-crediting is risk that more credits than tonnes of CO2e achieved are issued by a given project due to factors such as unrealistic baseline assumptions.
Over-crediting is weighted at 20% for determining the final BeZero rating.
Leakage is risk that emissions avoided or removed by a project are pushed outside the project boundary.
Leakage is weighted at 10% for determining the final BeZero rating.
Perverse Incentives is risk that benefits from a project, such as offset revenues, incentivise behaviour that reduces the effectiveness.
Perverse Incentives is weighted at 5% for determining the final BeZero rating.
You can learn more about the BeZero rating scale on the BeZero website.
VCS959
Sylvera Rating Categories are a top-level view of a carbon project's claims.
Tier 1 indicates that there is little risk that the claims of a project are overstated.
Tier 2 indicates that the claims may be overstated and that the buyers should analyze the project and carbon credit costs in detail when considering investment.
Tier 3 indicates that there is very high risk that the claims of a project are inaccurate.
Sylvera measures community Co-benefits using the UN’s Sustainable Development Goals. When assessing biodiversity impacts, Sylvera evaluates species richness, regional threats to biodiversity, and project actions to reduce pressure on biodiversity. Co-benefits are scored separately, because the primary objective of Sylvera’s overall rating is to evaluate the project claims of GHGs being avoided or removed. For example, a high co-benefits score could inflate a rating, which would be an issue particularly if a project is underperforming in other key areas like carbon, additionality, and permanence. Sylvera’s Co-benefits scores are on a scale of 1 - 5.
Indicates exceptional progression of targeted SDGs, as well as extraordinary species richness and high quality activities to reduce pressure on biodiversity.
Example: The project implements a broad range of SDG activities with extensive reach in the community, operates in a biodiversity hotspot and successfully reduces pressures on the ecosystem.Indicates very limited progression of targeted SDGs, as well as very low species richness and deficient activities to reduce pressure on biodiversity.
Indicates strong progression of targeted SDGs, as well as high species richness and quality activities to reduce pressure on biodiversity.
Indicates average progression of targeted SDGs, as well as average species richness and adequate activities to reduce pressure on biodiversity.
Example: The project implements SDG activities with moderate reach in the community, has average species richness, and takes acceptable action to reduce pressures on biodiversity.Indicates very limited progression of targeted SDGs, as well as very low species richness and deficient activities to reduce pressure on biodiversity.
Indicates narrow progression of targeted SDGs, or low species richness and limited activities to reduce pressure on biodiversity.
Indicates very limited progression of targeted SDGs, as well as very low species richness and deficient activities to reduce pressure on biodiversity.
Example: The project implements limited SDG activities with limited reach in the community, while not taking meaningful action to reduce pressures on biodiversity or its species diversity is low and possibly under low threat.
Sylvera disclaimer
You can learn more about the Sylvera rating scale on the Sylvera website.
Tier 3 indicates that there is very high risk that the claims of a project are inaccurate.
Certifier
Verified Carbon Standard
Registry ID
VCS959
Crediting period term
Project methodology
AR-ACM0001: Afforestation and Reforestation of Degraded Land
Project design document (PDD)
PDD: Guanare Afforestation, Uruguay
Current verifier of project outcomes
Rainforest Alliance, Inc.