The ICVCM has detailed its assessment framework, which will serve as the initial bar for determining carbon credit quality. Meaningful implications for carbon markets are likely around the corner. We share our evaluation of this quarter’s publication.
When we first reported on the publication of the Core Carbon Principles (CCPs) earlier this year, we welcomed the Integrity Council for the Voluntary Carbon Market’s (ICVCM) decision to build on guidelines established by the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), and their new registry governance guidelines.
Now that the assessment framework has been released, we believe that the ICVCM has delivered a largely workable set of guidelines that balance ambition and practicality while acknowledging the need for continuous improvement. Key themes that stood out include the use of layered approaches to additionality, the establishment of new permanence and uncertainty benchmarks, and the use of flexible guidelines in baseline determination requirements.