High-Integrity Voluntary Carbon Market Gains Momentum with First CCP-Approved Credits

The voluntary carbon market (VCM) is taking a significant step forward with the announcement of the first carbon credits to be labeled with the Integrity Council for the Voluntary Carbon Market's (ICVCM) Core Carbon Principles (CCPs). This development comes on the heels of the U.S. government's recognition of the VCM's potential to contribute to climate action financing.

What are CCPs?

The CCPs establish a global benchmark for high-integrity carbon credits. They are designed to:

• Build trust in the VCM
• Ensure comparability of credits
• Enable the market to maximize its potential for tackling rising greenhouse gas emissions
• Unlock significant private finance for climate solutions

The CCP label signifies that credits represent a tonne of emissions reduced or removed from the atmosphere. It also indicates that credits from new projects have robust social and environmental safeguards and deliver positive sustainable development impacts.

The First CCP-Approved Credits

The Integrity Council has approved seven carbon crediting methodologies, allowing the CCP label to be used on an estimated 27 million credits. These credits were issued by projects that tackle potent greenhouse gases:

• Capturing methane from landfill sites
• Destroying ozone-depleting foams and refrigerant gases from discarded equipment

The assessment process is ongoing, with another 27 categories of carbon credits representing over 50% of the market currently under evaluation. Additionally, methodologies addressing landfill gas and ozone-depleting substances with even more issued credits are being assessed.

Multi-Stakeholder Collaboration

The Integrity Council leverages multi-stakeholder working groups (MSWGs) to evaluate complex categories like REDD+ (Reducing Emissions from Deforestation and Forest Degradation), Jurisdictional REDD (JREDD), and clean cookstoves. These groups bring together experts from various backgrounds to ensure a comprehensive assessment.

Importance for Businesses and Investors

The CCP label provides businesses and investors with greater confidence in the legitimacy and impact of their carbon offset purchases. This fosters transparency and credibility within the VCM, ultimately enabling it to play a more significant role in achieving global climate goals.

Looking Ahead

The Integrity Council is committed to continuous improvement and will refine its assessment framework based on experience, scientific advancements, and market developments. The organization also plans to establish work programs to further raise the bar for high-integrity carbon credits.

This news signifies a positive step towards a more robust and impactful VCM. By ensuring the integrity of carbon credits, the ICVCM is paving the way for a more effective and trustworthy market-based solution for climate change mitigation.