Today is Monday, October 23, 2023.
Last October 16, the UK-based Voluntary Carbon Markets Integrity Initiative (VCMI) announced November 28th as the publication date for additional guidance within the Claims Code of Practice (Code).
The Code was lauched last June 2023 as a rulebook for companies to follow for making credible climate claims, helping to build market confidence in how they engage with Voluntary Carbon Markets (VCM). It also fills a critical gap, bringing integrity to the so much needed demand-side of VCM.
The additional guidance will facilitate and expand implementation of the Code and will include:
(1) The VCMI Monitoring, Reporting and Assurance Framework (MRA);
(2) Additional claim tiers and an “on-ramp” to provide a pathway to high-ambition Claims; and
(3) Launch of the branded Claim / Mark and associated branding guidelines.
These MRA and branding guidelines are highly expected, as measures against greenwashing involving VCM.
You may recall the four key steps that companies must take to make a VCMI Claim:
(1) Comply with the Foundational Criteria (e.g. follow SBTi criteria);
(2) Select which VCMI Claim to make (Silver, Gold or Platinum);
(3) Meet the required carbon credit use and quality thresholds; and
(4) Obtain third-party assurance following the VCMI MRA Framework.
Important to mention that VCMI is not the only initiative promoting such type of governance.
Integrity Council for the Voluntary Carbon Market (ICVCM) also updated their Core Carbon Principles (CCPs) last March.
And since mid this year ICVCM and VCMI joined forces to operationalize a high-integrity market to accelerate global climate action. Click at the image below to read more about it.
Market perception is that low demand at the VCM is due to uncertainty, with many buyers waiting for more guidance from these integrity initiatives. On the other hand, when complete, the above mentioned branding will probably reflect in trading premiums.
