Cosain, the Irish Efficiency and Emissions Initiative, is an Irish domestic carbon offset market. It will enable Irish firms and communities that abate emissions to generate domestic carbon credits, and subsequently sell these credits to other Irish businesses who are either unable to reduce their emissions, or where the purchase of domestic credits is a more economically efficient way of reducing their emissions.

Permanence, assurance, transparency and credibility are the fundamental principles of any carbon trading mechanism. The guarantee of permanence and assurance of the carbon credits in Cosain will be verified by the ISO 14064 Greenhouse Gas Standards for B2B transactions, and by the Social Carbon Standard for community-lead projects. All credits will be issued on the Markit Environmental Registry which allows for the listing of all available credits together with their accompanying validation and verification reports, thus providing complete transparency.

Rationale for participation & who should get involved

Members of Cosain as either buyers or sellers by achieving increased efficiencies of processes and reduced fossil fuel energy demand will contribute to net reductions in Irish generated emissions. Sellers of credits can be either commercial entities or community groups, with buyers being from all sectors of industry. The engagement in a domestic offset market will stimulate investment into Irish renewable and energy efficiency projects. The purchase of Irish generated credits will internalise expenditure into the Irish economy.

Benefits to Buyers:

• Undertake an energy audit as part of ISO 14064 to identify where efficiencies and energy reduction can be achieved.

• Develop a strategy for saving on energy costs.

• State an annual target for achieving improved energy efficiency on the Cosain website.

• Have a stated energy efficiency benchmark allowing for industry sector peer comparison.

• Public statement of efficiency targets to customers, suppliers, investors, shareholders and stakeholders.

• Ability to self-report, with efficiency described as CO2e per head of employee or unit of production.

• Future proofing business for energy costs and emission regulations.

• Through the purchase of Irish offsets invest in Irish communities, innovation, jobs, energy security.

• Adding value to bids when tendering for business under 'green procurement' procedures.

• Identified with an initiative that is positive about Ireland's role in innovation, communities and combating climate change

Benefits to Commercial Sellers:

• Gain supplementary income from being innovative and gaining value from an internal process verified through ISO 14064.

• By embracing new technology, show to staff an innovative culture beyond your core business.

• Demonstrate to customers your values in efficiency, technology and environment. That your products are sustainable, and that there is an income stream from being sustainable

• A public corporate ethos that will attract and maintain staff.

• Efficiency as a pillar of corporate strategy.

• Adding value to bids when tendering for business under 'green procurement' procedures.

• Identified with an initiative that is positive about Ireland's role in innovation, communities and combating climate change.

Benefits to Communities:

• Generate income for projects that improve the community through conserving energy and enhancing biodiversity through the Social Carbon verification method.