The International Carbon Registry (ICR) has recently updated its Greenhouse Gas (GHG) Program, incorporating feedback from a public consultation.
These revisions aim to improve the program’s requirements, processes, and procedures, ensuring its integrity, alignment with current scientific standards, and ability to meet the evolving needs of the voluntary carbon market.
The ICR has introduced significant changes to its key documents, including new definitions, clearer procedures, and improved alignment with ISO standards and international regulations like CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) and ICROA (International Carbon Reduction Offset Alliance).
Key Updates to the GHG Program:
- New Documents and Tools: The ICR has added procedures for implementing Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6.2 of the Paris Agreement and a tool for assessing environmental and socioeconomic safeguards.
- Expanded Definitions: New terms and definitions have been added to enhance clarity and consistency within the program.
- Enhanced Risk Management: The ICR has strengthened its frameworks for managing risks related to non-permanence, non-performance, and non-corresponding adjustments.
- Improved Processes: The registration and issuance processes have been streamlined, making it easier for stakeholders to participate in the program.
- Refined Methodologies: The ICR has updated its principles and criteria for developing and validating methodologies, ensuring their scientific integrity.
- Continuous Improvement: The program now includes clearer guidelines for periodic reviews and continuous improvement of methodologies.
- Updated Validation and Verification Specifications: The ICR has revised its criteria for validation and verification procedures to ensure greater consistency in assessments.
- Updated Templates: Relevant templates have been updated to align with the revised documentation and improve usability.
These updates, now incorporated into the latest version of the ICR program, demonstrate the organization’s commitment to maintaining high standards and supporting the growth of the voluntary carbon market.
Gudmundur Sigbergsson, ICR’s founder and CEO, stated, “We are proud to release these significant updates, which raise the bar for quality and transparency in the carbon market, giving stakeholders and investors the confidence to drive impactful change.”
