Not all carbon credits are created equal
So how are high-integrity carbon credits better? First, they must be tracked and disclosed, and then validated and verified by independent third parties.
A failure of carbon markets now would slow humanity's path to net zero emissions and derail financial innovation in other ecosystem services, María Mendiluce writes.
The carbon finance community recently welcomed the launch of a new code of practice to rebuild trust in “high-integrity” carbon credits, designed to help governments and businesses (or even individuals) accelerate their transition to ‘net zero’ emissions.
Released by the Voluntary Carbon Markets Integrity Initiative (VCMI), this additional guidance enables buyers to make claims more credibly about their use of high-quality carbon credits.
Simultaneously, the Integrity Council for the Voluntary Carbon Market (ICVCM) is addressing the supply of high-quality carbon credits by setting rigorous thresholds around disclosure and sustainable development.
This is especially important given the growing scrutiny of carbon markets in the last year. External accountability is essential and welcome, and new efforts like those of VCMI and ICVCM will help differentiate and validate in the market more robust claims and credits respectively and accelerate climate action.
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