The voluntary carbon market is witnessing a significant new milestone with the Integrity Council for the Voluntary Carbon Market (ICVCM) recognizing two of the world's largest carbon standard organizations, Verra and ART, have met the ICVCM's rigorous Core Carbon Principles (CCPs) after making substantial changes to their procedures.
ICVCM - Building Trust and Standardizing the Market
ICVCM is an independent organization established in 2021 with the aim of building trust and standardizing the voluntary carbon market. The council is governed by a group of leading experts in climate change, sustainable development, and financial markets. Previously, three leading carbon standard organizations - Gold Standard, ACR (formerly the American Carbon Registry), and Climate Action Reserve - had undergone ICVCM's rigorous assessment process to be recognized as "high-integrity" standards.
Verra and ART Receive CCP Recognition
ICVCM has approved the Verified Carbon Standard (VCS) managed by Verra and the Architecture for REDD+ Transactions (ART) program operated by Winrock International for meeting its high integrity standards. VCS is the world's largest carbon credit program, having issued over 1 billion carbon credits for greenhouse gas reduction projects globally. ART is a carbon credit program focused on REDD+ projects, protecting forests and reducing greenhouse gas emissions from deforestation. Together, the five programs - VCS, ART, ACR, CAR, and Gold Standard - account for 98% of the voluntary carbon market, marking a significant milestone in building trust and transparency for the market.
ICVCM Assessing Methodologies
ICVCM is also evaluating the methodologies that carbon credit standards use to design and implement different projects. Methodologies are the rules that carbon credit programs set to design and implement different types of projects. ICVCM takes a "two-tick" approach - CCP-Eligible standards can only label carbon credits with the CCP label if those carbon credits are generated using methodologies that have also been approved by ICVCM.
CCP-Labeled Carbon Credits
The assessment of these methodologies has been underway since late 2023, and the first CCP-labeled carbon credits are expected to appear on the market in June 2024. The volume of CCP-labeled credits is expected to grow steadily throughout 2024 as ICVCM completes and decides on assessments and expects to complete most of the assessment of these categories by the end of September.
Advancing a Transparent and Effective Carbon Market
ICVCM's recognition of Verra and ART is a significant step forward in promoting a more transparent and effective voluntary carbon market. CCP-labeled carbon credits will encourage businesses and organizations to use high-quality carbon credits to offset their emissions and support high-quality projects that genuinely make a positive impact on the environment and society, contributing to the shared goal of combating climate change
Source: icvcm.org
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