The International Institute for Carbon Valuation and Management (ICVCM) has established the Core Carbon Principles (CCPs) as a fundamental guide for addressing carbon issues and promoting sustainable development. These principles, presented on its official website, focus on transparent disclosure and sustainable development in relation to carbon.

CCPs represent a comprehensive, science-based approach to measure, manage, offset and disclose the carbon footprint of organisations. They recognise the need to take meaningful action on climate change and promote the transition to a low-carbon economy. Furthermore, they recognise that accurate and transparent disclosure of carbon-related information is essential for organisations, investors and other stakeholders.

A strong voluntary carbon market

These principles bring greater robustness and credibility to voluntary carbon markets, which is key after the criticism they received at the beginning of 2023.

A robust voluntary carbon market will allow buyers to have greater confidence by easily identifying and pricing high-integrity carbon credits, regardless of their origin, the type of project they support or the location where they are generated. This will eliminate confusion, overcome market fragmentation and give buyers the confidence that they are financing projects that have a real impact on emissions.

In addition, this approach will help direct capital towards the most effective and low-cost climate mitigation activities globally, which is especially crucial for developing economies.

A high-integrity voluntary carbon market can further accelerate the adoption of emerging technologies, protect and promote nature and biodiversity, and put vital funds in the hands of indigenous peoples and local communities.

The basic principles of carbon

Developed with input from hundreds of organisations across the voluntary carbon market, CCPs provide a credible and rigorous means of identifying high integrity carbon credits that create real and verifiable climate impact, based on the latest science and best practice.

High-integrity carbon credits can unlock urgently needed finance to reduce and eliminate billions of tonnes of emissions. As ICVCM explains, the world is on track for 2.6°C warming by 2100. So all available tools are needed to ensure a livable future. In this context, a high integrity voluntary carbon market is an important tool that can help finance the 1.5°C transition.

Programme-level evaluation framework

The Programme Level Assessment Framework provides rigorous criteria and decision tools for each principle. Carbon credits will only receive the CCP label if both the issuing carbon crediting programme and the credit category are assessed by the Integrity Council and meet the high integrity criteria set out in the CCPs, which cover climate, environmental and social aspects.

The objective of the Programme Level Assessment Framework is to enable the Integrity Board to consistently assess whether carbon crediting programmes meet the criteria set out in the Carbon Core Principles. This ensures that the integrity and reliability of the assessment process is maintained.

In addition, the Credit Level Assessment Framework, to be published by mid-year, is expected to set out the criteria that credit categories must meet. This will ensure that carbon credits issued meet specific standards and are aligned with the principles and objectives of the CCPs.

Ambitious, but achievable

With the Carbon Core Principles, an ambitious but achievable threshold for high integrity carbon credits has been set. And this is just the beginning, the Integrity Council has also set a path for continuous improvement, working with stakeholders across the market to continuously improve and strengthen the CCPs over time.

For further information, please do not hesitate to contact:

Jose Manuel Correa

jcorrea@globalfactor.com

 

Source: Global Factor

Global Factor is an international group with 19 years of experience, specialised in offering global, original, and innovative solutions in the fields of climate change adaptation and mitigation, carbon footprint, sustainability, circular economy, renewable energies, climate neutrality and carbon markets. Global Factor has an interdisciplinary team with a presence in 8 countries and has participated in more than 2,000 projects for more than 700 public and private clients, international organisations and non-profit entities in 51 different countries.