Carbon Markets Integrity Body Makes First Approvals

ICVCM has named the first carbon-crediting programmes that meet its Core Carbon Principles.

The Integrity Council for the Voluntary Carbon Market (ICVCM) has named ACR, Climate Action Reserve (CAR) and Gold Standard as the first carbon-crediting programmes that meet its Core Carbon Principles (CCPs).

ICVCM was founded in 2021 to set and enforce clear global standards and improve the quality and governance of the voluntary carbon market.

It developed the CCPs as a global benchmark for high-integrity carbon credits that set rigorous thresholds on disclosure and sustainable development.

Annette Nazareth, Integrity Council Chair, said: “We are launching a new chapter for the voluntary carbon market. This will help mobilise private capital at scale for projects to reduce and remove billions of tonnes of emissions that would not otherwise be viable and will channel investment to the Global South.”

The approved programmes have made a number of changes to comply with the CCP criteria, said ICVCM.

Gold Standard announced that it will update its registry to comply with the CCP requirements, a condition of the programme’s CCP approval.

When carbon credits are retired, Gold Standard will need to provide information on the purpose of retirement and the entity on whose behalf they are retired, to enhance accountability.

The Integrity Council is progressing with the next batch of programmes, with assessments of Verra, ART, Carbon and Isometric due in April or May.

The council has also begun its multistakeholder assessment process on jurisdictional REDD and REDD+ methodologies, and is separately assessing more than 100 methodologies used by carbon-crediting programmes for designing and implementing different types of projects.

Read more articles like this on Regulation Asia’s sister publication, ESG Investor.

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