The Integrity Council for the Voluntary Carbon Market (ICVCM) and the Voluntary Carbon Markets Integrity Initiative (VCMI) announced their partnership aimed at operationalizing a high-integrity voluntary carbon market.
Both sides are key stakeholders in the voluntary carbon market (VCM) and their joint effort will allow investors to have more confidence in the carbon credits they purchase, which, in turn, will help drive meaningful climate action.
The partnership between both organizations is one of several initiatives dedicated to creating an integrated market integrity framework that will bring more accountability, transparency and credibility to the VCM.
Namely, VCMI and ICVCM will work towards defining the best practices and credibility of sourcing and use of high-quality carbon credits by businesses and organizations.
VCMI and ICVCM aim to issue new standards and guidance throughout this year and in coming years, with the help of which they hope to reinforce the notion that investing in the carbon market must be part of corporate climate strategies.
By combining their resources and expertise, both organizations are establishing a sturdy foundation for a high-integrity VCM and are strengthening the trust between market participants, including investors, local communities, investors and other key stakeholders.
“We have a shared vision of end-to-end high integrity throughout the voluntary carbon market, from the supply of credits, to the markets they trade in, and ultimately how they are used. We are joining forces to create a high-integrity VCM that delivers real impact at speed and scale. By building an effective, trusted market, we can unlock investment and exponentially increase the positive impact it creates,” said Annette Nazareth, Chair of the Governing Board of the IC-VCM.