PREMIUM CREDITS

LEAVIT is pioneering a methodology that empowers mineral rights owners to generate carbon credits by keeping their oil reserves underground and untapped.

LEAVIT is committed to adhering to all ICVCM Core Carbon Principles, ensuring the generation of high-integrity and uncontroversial carbon credits.

REAL, ADDITIONAL AND MEASURABLE

These principles serve as the bedrock, assuring that the environmental impact of LEAVIT credits is genuine, quantifiable, and extends beyond business-as-usual scenarios.

LEAVIT intervention occurs post-commercial discovery in the oil field. At this juncture, comprehensive characterizations of the oil field enhance the precision of measurements, and the impending risk of drilling underscores the immediate need for carbon offsetting.

PERMANENT

Ensuring permanence involves robust legal frameworks and international agreements binding governments to long-term commitments. Specific conditions are outlined addressing risks of reversibility tied to potential contract breaches and drilling decisions for financial gain.

Mitigating reversibility risks can be significantly improved by implementing measures such as ex-post crediting, the transfer of mineral rights and trust funds where revenue generated from carbon credit sales is reinvested locally.

BASELINE ESTIMATIONS

Without the intervention of LEAVIT, business as usual involves the establishment of a new oil field, resulting in the extraction and combustion of millions of barrels.

Setting baselines is a complex and difficult task based on hypothesis and estimations. To mitigate any risk of over-crediting, LEAVIT has devised a method to promote conservative, transparent, and independently verified baselines

SDG COBENEFITS

Keeping oil underground eliminates the adverse impacts of drilling, including mass displacement, water contamination risks, pollution in natural reserves, deforestation, and biodiversity loss.

Additionally, the funds generated through offsetting can be directed toward impactful social and environmental initiatives—such as renewable energy, reforestation, and agricultural development—creating local jobs and benefiting the community

LEAKAGE

Shutting in one barrel of oil in one location doesn't equate to the immediate production of one barrel elsewhere. The fraction of the oil supply constraint that remains underground is referred to as the leakage rate.

The leakage can be precisely estimated in kgCO2e/boe, depending on the type of crude oil being constrained and produced. The higher the emissivity of the constrained crude oil, the greater the reduction in carbon emissions.

JUST TRANSITION PILOT SITES

Financial incentives to encourage countries to transition away from oil extraction are not applicable to all producing nations. To ensure the initiative remains pertinent, it must align with the principles of a Just Transition.

Prioritizing countries involves considering factors such as economic dependency on oil, overall economic and social development, vulnerability to climate change, and more.

LESSONS FROM REDD+

REDD+ projects combat climate change by protecting and restoring forests. They generate carbon credits providing financial incentives to target key factors of deforestation and encourage sustainable land-use practices and biodiversity conservation.

Due to their high trading volume and historical significance, the analysis of REDD+ carbon credits provides valuable insights for developing a new type of avoidance credits, learning from past mistakes.