The Gold Standard is an organisation that promotes best practice standards for climate and sustainable development interventions. As part of this, they suggest companies purchase carbon credits, which can be traded, as a means of mitigating carbon emissions and meeting the ambition of the Paris Climate Agreement. An alternative option is to finance or provide funding for emission reductions. Airlines typically offer passengers the option to offset carbon directly when booking a flight, and it is possible to check if the airline is certified by a verified scheme like the Gold Standard or Verified Carbon Standard.
The Protocols provide sustainability measures to reduce the environmental impact of arbitrations. This includes considering offsetting flights and enabling arbitrators to include the costs of offsetting their flights in their expenses. Parties should agree that the costs of offsetting air travel may be allocated by the tribunal as part of a costs award at the end of proceedings, or as otherwise agreed between the parties. Carbon offsetting is an available option, but priority should be given to the implementation of the Protocols.
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