the PFS STandard
Principles behind the PFS Standard
The PFS Standard uses a methodology which not only recognises forestry CO2 capture but also requires proof such capture will be stored until at least 2100, the current IPCC end date.
This methodology has been validated by SGS as conforming “to the principles and essential requirements outlined in ISO 14064-1:2018, ISO 14064-2:2019 & ISO 14064-3:2019.” SGS also concludes “that the consideration of ICVCM Principles is clear and appropriate”.
For a forest to be verified under the PFS Standard, proof is necessary of both legal and silviculture longevity, as well as reflecting the risks of climate change in the period to 2100. This requires the principle of conservativeness to be recognised.
The PFS Standard adheres to the principles of integrity, transparency, conservativeness, traceability, sustainability, amongst others, as well as providing a path to meeting net carbon zero targets. It also has strong ESG credentials.
PFS Standard Part I
PFS Standard Part I provides specification for quantification and reporting of greenhouse gas emissions and removals for forest owners, both in relation to a project and a project reporting period. While ISO 14064-1 may also be used, the PFS Standard Part I is specifically designed and applicable to forests growing in New Zealand.
PFS Standard Part II
PFS Standard Part II provides for the best practise for proof forestry CO2 captured also remains stored until at least 2100; specifying required standards of proof of legal and silviculture longevity of net CO2 removals reported for the project and the project reporting period, until at least 2100.
Forests compliant with PFS Standard Part I or ISO 14064-1 can apply for certification under PFS Standard Part II.
PFS Standard Part III
PFS Standard Part III primarily provides for a legal risk assessment for greenhouse gas statements for tonnes of CO2 sequestration forest removals verified under Part II. It addresses legal risk in relation to express and implied statements made or omitted to be made, and practises followed or omitted to be followed. PFS Standard Part III is intended to give confidence to emitters that express or implied representations are not deceptive or misleading, largely stymieing successful regulatory action or greenwashing suits. It is particularly concerned with implied representations that captured CO2 from forestry will remain stored for long periods when that cannot be proved.
Forests that have not applied for verification under PFS Standard Part II may, in suitable circumstances, apply for a positive legal risk assessment under PFS Standard Part III.
SGS Validation
SGS is the world’s leading testing, inspection and certification company. They are recognised as the global benchmark for sustainability, quality and integrity. SGS were retained to validate the PFS Standard’s methodology to ISO.
Verification of Forests
Owners of forests may apply for verification of forests in conformity with the PFS’ SGS validated standard. PFS has a process for accepting and processing such applications. If they are accepted by PFS as compliant with the PFS Standard, final verification will require a third party VVB to also verify. That process is set out below.
Process
Verification Process Chart
Please refer to PFS-IB-001 for full details and descriptions of requirements. To open a preliminary account with PFS get in touch.
STEP ONE
Pre-engagement questions to be answered.
STEP TWO
Contact PFS about any issues.
STEP THREE
Upload legal titles to the land interests.
STEP four
Upload more information about your forests.
STEP FIVE
Advise names of two registered NZ Institute of Forestry members you would like appointed to the Panel. PFS can assist with recommendations if required.
STEP SIX
Upload a signed copy of your current forestry management agreement.
STEP SEVEN
Supply NZ ETS and other forest measurement information.
STEP EIGHT
Agree to have your forest CO2 removals and GHG emissions measured in accordance with the PFS Standard.
STEP nine
Sign T&Cs.
STEP TEN
Upload a copy of your current forestry insurance.
STEP eleven
Execute and register the deed of encumbrance.
Time frames
PFS expect to verify under the PFS Standard Parts I, II or III within 30 days, once all information has been supplied. That verification will, however, still have to be third party verified by its VVB, the timing of which PFS has no control over. However, PFS expects this process will be done within a similar timeframe.
Costs
Costs are provided for in the T and C’s here. As a general rule all costs of verification are paid for by the Forester.
Verified projects
There are no fully verified projects as the PFS standard has only been published. However applications are now being considered. As projects are verified they will be announced on this website. Depending on the type of certification, either PFS Voluntary Carbon Credits (VCC) or Proven Green Claim Certificate (PGCC), can be issued as one credit for each tonne of net CO2 certified as stored until at least 2100.
A pro forma of each can be viewed here.