The Board that oversees the UN’s Clean Development Mechanism (CDM) approved a new methodology for calculating the volume of emission reductions achieved through projects that establish bicycle lanes, parking and bike-sharing programmes.
A carbon credit refers to a permit which allows a country or organisation to produce a certain amount of emissions and which can be traded if the full allowance is not used.
According to the UN Framework Convention on Climate Change (UNFCCC), transportation of urban passengers accounted for 7% of global emissions in 2015.
CDM Executive Board Chair Arthur Rolle said: “Bicycles are a great way to get around and they’re great for reducing the emissions that cause climate change. It is practicable to consider rewarding and encouraging bicycle use with saleable, certified emission reduction credits.”