Gold Standard is reassessing the role of carbon finance in supporting the transition to renewable energy to reflect market evolution and to direct funding to interventions most in need. In many middle and high income countries, Renewable Energy (RE) is becoming a sustainable and attractive business, thanks to the increasingly favourable market, policy and technical conditions that allow finance to flow to projects. Developing countries, however, still face challenges in mobilising green and sustainable finance (page 19, Green Finance for Developing Countries; Needs, Concerns and Innovations UNEP, 2016). As a result, Gold Standard seeks for our project portfolio to support scaling of renewable energy in countries and situations where barriers still exist. Some exceptions are noted in the technical document under this consultation.
This consultation focuses on the eligibility of new RE projects for carbon credits, which restricts eligibility for proposed projects in middle and high income countries while continuing to support projects in least developing countries (LDCs). This rule does NOT apply to projects already certified as Gold Standard or submitted within a grace period to be defined after the consultation.
Gold Standard also reminds RE project developers of the potential to issue GS Renewable Energy Labels to access renewable energy certificate (REC) markets, for which these eligibility criteria do not apply.