Integrity of carbon finance claims maintained in updated guidelines

Posted on 28 November 2023

Concerns raised about the proposal of a future new claims tier allowing companies’ carbon credit purchases to compensate for missing scope 3 targets.

GLAND, Switzerland (28 November 2023) - The Voluntary Carbon Markets Integrity Initiative (VCMI) has just published additional guidance for its Claims Code of Practice (Claims Code). This will enable companies to make claims about their use of carbon credits. 

 

The additional guidance includes a Monitoring, Reporting, and Assurance (MRA) Framework, a brand and associated mark for making ‘Carbon Integrity’ Claims, and a beta version of an additional claim.

 

Responding to the announcement, Mark Lutes, Global Lead for WWF’s Carbon Markets Taskforce, said: “The latest effort by Voluntary Carbon Markets Integrity Initiative (VCMI) to ensure some level of integrity of the voluntary carbon market through updating its Claims Code of Practice, is welcome news. 

 

“WWF is supportive of the VCMI foundational criteria, founded by science-based reduction targets, as a prerequisite for recognition of contributions to mitigation efforts beyond value chain.  

 

"This gives priority to a company’s decarbonization and transformation of its value chain (aligned with IPCC reports). But the effort is weakened by the proposal of a future new claims tier allowing carbon credit purchase to compensate for missing scope 3 targets. We don’t support the establishment of such a new tier if it conflicts with requirements of the Science Based Targets Initiative, and undermines the mitigation hierarchy,” he said.

 

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