ICVCM Approves Gold Standard, ACR and Climate Action Reserve, Still Reviewing Verra

ICVCM Publishes Criteria For Core Carbon Principle Standards - Carbon Herald

Three major carbon market certifiers have achieved the standards developed by the Integrity Council for the Voluntary Carbon Market (ICVCM), an organization formed by international financiers in 2021 with the goal of becoming an independent regulator that creates a higher level of trust and transparency in the carbon markets.

Accounting for over a quarter of carbon credits traded on the global voluntary markets, Gold Standard, ACR (formerly American Carbon Registry), and Climate Action Reserve become the first organizations to cover the requirements and will soon be able to mark their credits with an ICVCM label, potentially increasing demand.

Annette Nazareth, Integrity Council Chair, said: “We are delighted to announce the first results of our assessments and congratulate ACR, CAR and Gold Standard on meeting our rigorous criteria. We also are looking forward to the next batch of programs being considered for approval very soon.

“We are launching a new chapter for the voluntary carbon market: the CCPs set a global benchmark for high-integrity, building trust, increasing standardisation and making it easy for buyers to identify high-integrity carbon credits. This will help mobilise private capital at scale for projects to reduce and remove billions of tonnes of emissions that would not otherwise be viable and will channel investment to the Global South.”

Reacting to the announcement, Margaret Kim, CEO of Gold Standard said: “Gold Standard is delighted that our program is now CCP-eligible following the Integrity Council for the Voluntary Carbon Market’s assessment. We thank the Integrity Council for the collaborative way they approached this process and are delighted that we’ve been judged to comply with the CCP threshold.”

This threshold was introduced in July 2023 when the ICVCM published ten principles that would act as global benchmarks for high-integrity carbon credits and were aimed at raising the bar on disclosure and sustainable development.

This first round of approvals doesn’t include industry heavyweight Verra, the organization which accounts for just under 70% of the market. The ICVCM clarified that this is more of a bottleneck rather than anything else, as there is a larger volume of information that needs to processed and they do expect to reach a decision before May.  

Several other organizations are also reviewed and are expected to be assessed in the next weeks – ART, Social Carbon and Isometric.

The other important deadlines shared by the ICVCM were that the first methodologies are expected to be assessed in the next few months and by October it expects to have finalized reviews on methodologies accounting for over 50% of the current volume on the market.

Read more: ICVCM Calls On Experts To Join Continuous Improvement Work Programs

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