Immediately, the Voluntary Carbon Markets Integrity Initiative (VCMI) launched its Claims Code of Apply for company patrons of carbon credit.
This framework solutions two questions for the demand facet of the voluntary carbon market: 1) When can firms credibly make voluntary use of carbon credit? and a pair of) What can they credibly say about these credit?
The voluntary credit score market has been awash with validity points highlighted by the lawsuit in opposition to Delta’s carbon-neutral pledge in addition to many different exposés. The VCMI and the Integrity Council for the Voluntary Carbon Market (ICVCM), two of the largest gamers attempting to unravel the market’s integrity points, introduced earlier this month that they are going to be teaming up: Any firm that wishes the VCMI’s stamp of approval for his or her credit score shopping for technique might want to purchase credit that cross ICVCM’s steering.
“ICVCM seems to be on the provide facet of the market — what constitutes a high-quality credit score from a high-quality undertaking licensed by a high-quality customary?” stated Mark Kenber, government director at VCMI. “And we have a look at the demand facet — what constitutes high-quality use of credit and claims about them? We’re successfully two elements of two sides of the identical coin or two elements of the identical system.”
VCMI has additionally labored carefully with the Science-Primarily based Targets Initiative, CDP and the Greenhouse Gasoline Protocol to make sure they, together with ICVM, are utilizing the identical vocabulary and methodologies.
The Claims Code of Apply is simply half one for VCMI. It’s a primary operational framework for firms to purchase credit. It outlines 4 steps for firms to undertake to make a VCMI declare, together with assembly VCMI’s foundational standards, choosing a declare tier stage (Platinum, Gold or Silver), choosing carbon credit which might be in keeping with the ICVCM and dealing with a third-party verifier.
On the Silver tier, firms buy high-quality credit for between 20 and 60 p.c of remaining emissions after making progress in direction of decarbonization targets; the Gold tier requires buying between 60 p.c and 80 p.c of emissions, and a Platinum tier buy offsets 100% or remaining emissions.
Our intention is at COP 28 to have a gaggle of firms get up on stage saying we’re making a VCMI declare, utilizing ICVCM carbon credit.
VCMI has been road-testing this framework because the provisional model got here out in June.
The suggestions to the provisional VCMI ranged included needing to alter the title “prerequisite” as a result of it didn’t work in some languages and having extra quantifiable as an alternative of qualitative bins to test for third-party verifiers. Verifiers didn’t just like the query “Are you on observe to satisfy your subsequent goal?” as a result of verifiers felt that was too qualitative and being “on observe” diversified broadly from firm to firm, So VCMI modified it so there are precise metrics that firms and verifiers can use.
“Assurers, like monetary auditors, like ticking bins — saying sure, no,” Kenbar stated. “They do not like giving an opinion.”
The second half will are available November when the group seems to be extra deeply into to what extent is it acceptable for firms to make use of carbon credit to satisfy their local weather targets and the continuing monitoring, reporting and assurance framework. VCMI introduced 74 stakeholders, together with representatives from Etsy, Gold Normal, Boeing, Verra, Salesforce and Sylvera, to finalize this part forward of COP 28.
“Our intention is at COP 28 to have a gaggle of firms get up on stage saying we’re making a VCMI declare, utilizing ICVCM carbon credit with these governments who’re delighted that we’re investing as a result of it is supporting their net-zero transitions,” Kenbar stated.
