What is the myclimate impact label?
If we are to achieve the Paris climate goals, then the private sector is more important than ever. The myclimate label “Engaged for Impact” (impact label for short) denotes companies that proactively and voluntarily commit to climate protection by financing climate protection measures. In addition to reducing their own emissions, this is an important component of a climate strategy towards net zero, and it also enables a company to gain experience in pricing in the costs of remaining CO₂ emissions.
If a company bears the impact label, this means that it finances emissions reductions through external climate protection projects in proportion to its own emissions. The company does not offset emissions, but finances climate protection in the host country and takes responsibility for its own emissions to align its efforts with the Paris Agreement.
The Paris Agreement proposes that countries voluntarily work together to achieve their national climate targets - so-called Nationally Determined Contributions (NDCs) - in order to raise the level of ambition. Climate protection projects play a central role. They reduce CO₂ emissions and generate tradable carbon credits. An important goal of Article 6 of the Paris Agreement is to prevent double counting of CO₂ credits.
Private financing for climate protection projects helps other countries to achieve their own climate goals, and therefore the global goals. This is important because many countries do not have the financial resources to implement climate action on their own. Many even include targets in their NDCs that they will only achieve "conditionally", i.e., if they receive financial support. This is an area where private sector financing of climate change projects can help.
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