The Integrity Council for the Voluntary Carbon Market (ICVCM) has launched carbon-crediting methodologies that meet its high-integrity core carbon principles (CCPs). The ICVCM has approved seven methodologies, meaning the label can be used on an estimated 27 million carbon credits issued by projects – including those that tackle greenhouse gases by capturing methane from landfill sites. A further 27 categories of carbon credits, representing over 50% of the market, will remain under active assessment. The CCPs were designed to establish a global benchmark for high-integrity carbon credits, build trust in the voluntary carbon market, ensure comparability of credits, and enable the market to maximise its potential to tackle rising greenhouse gas emissions as well as unlock private finance for climate solutions. They also look to facilitate access to climate finance where it is most needed, including in the Global South. The ICVCM has developed guidance on the supply side of carbon credit generation, while the Voluntary Carbon Markets Integrity Initiative has introduced demand-side rules for entities using carbon credits. The announcement by the ICVCM followed the publication by the US government of principles for high-integrity carbon credits closely aligned with the CCPs at the end of last month. “The CCPs set a high bar for integrity and the label is designed to help buyers identify carbon credits that meet our rigorous standards,” said Annette Nazareth, Chair of the ICVCM. “Governments increasingly recognise that a high-integrity VCM can play a key role in scaling up private sector finance for high-quality projects to reduce emissions and remove carbon from the atmosphere.”
📣 Major Milestone for the #VCM: ICVCM is thrilled to announce that our Governing Board has approved the first high-integrity CCP-labelled carbon credits, while assessments continue.
🔗Read the full press release here: https://t.co/LOXT2ytil3 pic.twitter.com/hX9cDjcwHi
— Integrity Council for the Voluntary Carbon Market (@ic_vcm) June 6, 2024
