Sylvera Is The First Carbon Credit Rating Agency To Apply ICMA Code Of Conduct

Sylvera Is The First Carbon Credit Rating Agency To Apply ICMA Code Of Conduct - Carbon Herald
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Carbon credit data and rating agency Sylvera has become the first of its kind to apply the ICMA Code of Conduct to its ESG Ratings. 

This Code of Conduct is a set of principles recently established for ESG Ratings and Data Products Providers by the International Capital Market Association (ICMA), a self-regulatory organization and trade association for participants in the capital markets.

The Code was launched under the oversight of the UK’s Financial Conduct Authority (FCA) and in close collaboration with a number of industry experts, including Sylvera

Over the course of 18 months, the rating agency provided its feedback on the Code and discussed the importance of such standards and their implementation in the carbon data industry with the Organization of Securities Commissions to the FCA. 

Relevant: TEM Partners With Sylvera To Boost Carbon Credits Due Diligence

Sylvera’s choice to voluntarily start applying the ICMA Code of Conduct to its ratings and data process marks a significant milestone for the carbon markets at large. 

Allister Furey, CEO and co-founder of Sylvera, commented on the news by saying: “For the carbon market to function properly and drive billions of much needed dollars toward real climate impact buyers need data to make those decisions– and they need absolute assurance that the data underpinning their decisions is reliable, consistent and independent. As such, it’s critical that carbon credit ratings are subject to oversight and ICMA’s Code of Conduct for ESG Ratings should be the foundation for oversight in our industry to build market confidence and accelerate impact”

“We have already built governance structures based on the regulatory frameworks for credit ratings agencies into our business, but the Code is a strong framework for ensuring that carbon credit ratings are free of conflict, standardised, and transparent,” Furey stated.

Read more: New Abatable Report Says Voluntary Carbon Market Is At A Critical Point

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