The Integrity Council for the Voluntary Carbon Market (ICVCM) has released its Core Carbon Principles (CCPs), which are designed to be a global benchmark for high-integrity carbon credits. The CCPs are comprised of 10 principles and presented in three thematic categories: effective governance, tracking, and transparency. The principles are intended to ensure transparency, accountability, continuous improvement, and overall credit quality in the largely unregulated voluntary carbon market (VCM) and should provide financing for real and verifiable climate mitigation projects. The VCM is an increasingly popular way for companies to pursue voluntary climate commitments for balancing unabated emissions, although the market has faced reputational and legal concerns over the integrity of VCM projects and credits. As a result, regulatory scrutiny of the VCM is increasing, with the European Union, the United Kingdom, and the United States all proposing or considering regulatory standards for the market. The ICVCM aims to be a useful tool for companies and their advisors as they develop and refine their climate strategies and seek to navigate the complex and rapidly evolving VCM landscape.
It is important that carbon credit schemes also benefit local communities.
The World Meteorological Organisation has stated that 193 countries have given unanimous backing to a scheme to monitor global greenhouse...