The Oxford Offsetting Principles are:
- Reduce your emissions first, use high quality compensation and regularly review the compensation strategy as the procedures and methods (best practices) used evolve.
- Shift from offsetting through carbon reduction to offsetting through carbon removal and storage.
- Shifting to high-quality, long-term storage with a low risk of reversal.
- Support research and development of methods and strategies aimed at carbon neutrality.
The Oxford Offsetting Principles prescribe certain best practices:
- Reduce your own emissions – Minimise the need for offsets in the first place.
- Ensure environmental integrity – Use offsets that are verifiable and can be properly accounted for and have a low risk of non-additionality, reversal, and creating negative impacts on people and the environment.
- Transparency – Disclose current emissions, accounting practices, goals for achieving carbon neutrality, as well as the type of offsets you use.