Ensuring Integrity in the Voluntary Carbon Market for a Just Transition

 
public Briefing completing the CCP ASSESSMENT FRAMEWORK
1 August 2023
 
The
 
voluntary
 
carbon
 
market
 
is
critical
 
to 
accelerate
 
a
 
just
transition
 
to
 
1.5
°
C.
But
 
it
 
will
 
on
l
y
 
succeed
if
 
it
 
is 
rooted
 
in
high
 
integrit
y
.
 
 
 
 
TODAY'S SPEAKERS (1 AUGUST)
 
Daniel 
Ortega-Pacheco
 
Expert Panel
Co-Chairs
 
Nat
 
Keohane
 
Executive
Secretariat
Representatives
 
Board
Representative
 
Alexia Kelly
 
William McDonnell
 
OUR MANDATE
 
01
Core
 
Carbon
 
Principles
ICVCM has established a set of
Core Carbon Principles (CCPs)
which set new threshold
standards for high-quality
carbon credits and define
which carbon-crediting
programs and methodology
types are CCP-eligible.
 
02
Governance
We provide governance and
oversight over standard-setting
organisations on adherence to
the CCPs as well as on market
infrastructure and participant
eligibility.
 
03
Define
 
Roadmap
Help to coordinate and
manage interlinkages
between individual bodies
to define a roadmap for the
responsible growth of the
Voluntary Carbon Market.
 
"Our theory of change is simple: build integrity and scale will follow"​
undefined
 
Welcome
 
Agenda
 
introduction
Completing the CCP assessment framework
Next steps: icvcm assessment process
Q & a
How you can Support
Thank you
 
completing the CCP
assessment framework
 
Release 1 (March) included:
 
Release 2 (July 27) includes:
 
what have we done so far?
 
COMPLETING THE CCP ASSESSMENT framework:
release 2 KEY ELEMENTS
 
Category-level requirements:
 
Additionality
Permanence
Robust quantification
Sustainable Development Impacts and
Safeguards
Transition to net-zero
 
Work Programs on a range of topics of market
importance
 
CORE CARBON PRINCIPLES:
ADDITIONALITY
 
Programs must ensure that the
emissions reductions or removals
would not have happened without
carbon credit incentives and that they
were not enforced by law.
 
Additionality assessment will take into
account where carbon-crediting
programs have already introduced
restrictions on some activities to ensure
they remain additional, notably certain
types of renewable energy and energy
efficiency projects.
 
 
CORE CARBON PRINCIPLES:
ROBUST QUANTIFICATION
 
Programs must ensure that projects
measure their impact on emissions
conservatively to minimize the risk of
overestimation.
 
They must set clear physical
boundaries to the project, consider its
impact on all carbon sources and sinks
within the boundary, as well as knock-
on effects on emissions outside its
boundary, and review this regularly.
 
 
CORE CARBON PRINCIPLES:
PERMANENCE
 
Projects will have to monitor and
report on emissions reductions and
removals for at least 40 years where
there is a risk they may be reversed
and maintain a risk-based buffer
pool of carbon credits that can be
cancelled 
to 
compensate for any
reversals.
 
This includes projects that protect and
restore forests, wetlands and marine
ecosystems, and that store carbon in
farm soil.
 
A Multi-Stakeholder Work Program will
study how to further strengthen
criteria in the next version of the CCPs.
 
 
CORE CARBON PRINCIPLES:
SUSTAINABLE DEVELOPMENT & SAFEGUARDS
 
All new projects must put in place robust social
and environmental safeguards that deliver
positive sustainable development impacts.
 
Requirements on programs include to:
ensure free, prior informed consent from IPs &
LCs
assess and mitigate risks to IPs & LCs,
including land acquisition and human rights
assess and mitigate risks to biodiversity and
sustainable management of natural resources
be transparent about how they share project
benefits with IPs & LCs
 
Existing inventory of projects need to meet
CORSIA and ‘do no harm requirements’
 
A Multi-Stakeholder Work Program will be set up
to advise on how to further strengthen criteria in
the next version of the CCPs
 
 
CORE CARBON PRINCIPLES:
TRANSITION TO NET ZERO
 
The Framework rules out projects that
lock in fossil fuel emissions or
technologie
s, including:
 
enhanced oil recovery using carbon
capture and storage;
road transport powered solely by fossil
fuels; and
all electricity generation from coal or
other unabated fossil fuels
- except -
new gas power as part of increased zero
emissions generation supporting a
national low-carbon transition plan
.
 
 
CORE CARBON PRINCIPLES:
Continuous Improvement Work Programs
 
To raise ambition
 in the next version of the
CCPs,  Work Programs will examine best practices
and new approaches for:
jurisdictional programs
permanence requirements
digital MRV: universal data standards for
remote sensing and other technologies to
verify, monitor and report on projects
disclosure of credit pricing and revenue, and
standardised market infrastructure
project alignment with host country NDCs
oversight of verification and validation
(including feedback processes)
simplified CCP-Approval path for small projects
These are in addition to those  previously
announced which will focus on:
Paris Alignment (Corresponding Adjustments
and Share of Proceeds for Adaptation)
Sustainable Development Impacts &
Safeguards
 
 
 
WORK PROGRAMS FEED INTO CONTINUOUS IMPROVEMENT
 
PROGRAM LEVEL ASSESSMENT:
 
FAST TRACK FOR CORSIA ELIGIBLE PROGRAMS
 
CATEGORY LEVEL ASSESSMENT:
CATEGORY WORKING GROUP
FAST TRACK:
Highly likely to meet Category - level
CCPs
MUTLI-STAKEHOLDER WORKING GROUP
:
Deeper assessment for labelling process
FIRST
 
LABELS
 
ISSUED
FURTHER CATEGORY-TYPE
LABELS ISSUED
PUBLISH
o
Core Carbon Principles + Attributes
o
Assessment Procedure
o
Program level assessment
framework
Category level assessment
framework
PUBLISH:
o
First approved programs and Categories
of credit types
 
NEXT STEPS: ICVCM ASSESSMENT PROCESS
ONGOING ASSESSMENT
 
Q&A
undefined
 
HOW YOU CAN suPport…
 
1
 
2
 
3
 
4
 
Raise awareness of
ICVCM’s new global
benchmark using
hashtags
#CoreCarbonPrinciples
and tagging @ic_vcm
 
Follow @ic_vcm
channels and share,
like, comment on
the posts
 
Post social media
content to promote
in your community
using our suggested
posts
 
Sign up to our
newsletter (
here
)
and share the
launch with your
network
 
Thank you
Slide Note

Nat

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The voluntary carbon market plays a crucial role in achieving a just transition to 1.5°C, emphasizing high integrity standards. The ICVCM has set Core Carbon Principles to uphold quality standards for carbon credits, ensuring market integrity and participant eligibility. Key components include assessment frameworks and category-level requirements like additionality and sustainable development impacts. Ensuring emissions reductions or removals are indeed additional is central to the market's success.


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  1. The voluntary carbon market is critical to accelerate a just transition to 1.5 C. But it will only succeed if it is rooted in high integrity.

  2. Expert Panel Co-Chairs Daniel Ortega-Pacheco Executive Secretariat Representatives William McDonnell NatKeohane Board Representative Alexia Kelly

  3. ICVCM has established a set of Core Carbon Principles (CCPs) which set new threshold standards for high-quality carbon credits and define which carbon-crediting programs and methodology types are CCP-eligible. We provide governance and oversight over standard-setting organisations on adherence to theCCPs as well as on market infrastructure and participant eligibility. Help to coordinate and manage interlinkages between individual bodies to define a roadmap for the responsible growth of the Voluntary Carbon Market.

  4. 5

  5. Release 1 (March) included: Ten fundamental principles for high-quality carbon credits that create real, verifiable climate impact, based on sound science and best practice CORE CARBON PRINCIPLES ASSESSMENT FRAMEWORK (PROGRAM LEVEL) Detailed criteria used to determine whether carbon- crediting programs that apply meet the CCPs The process through which programs and categories are assessed against the CCPs, and ongoing oversight ASSESSMENT PROCEDURE Release 2 (July 27) includes: ASSESSMENT FRAMEWORK (CATEGORY LEVEL and updates) SUMMARY FOR DECISION-MAKERS (updated) Detailed criteria used to determine whether Categories of carbon credits (~methodologies) meet the CCPs Explains the Assessment Framework and specifies a suite of continuous improvement work programs

  6. Category-level requirements: Additionality Permanence Robust quantification Sustainable Development Impacts and Safeguards Transition to net-zero Work Programs on a range of topics of market importance

  7. Programs must ensure that the emissions reductions or removals would not have happened without carbon credit incentives and that they were not enforced by law. Additionality assessment will take into account where carbon-crediting programs have already introduced restrictions on some activities to ensure they remain additional, notably certain types of renewable energy and energy efficiency projects.

  8. Programs must ensure that projects measure their impact on emissions conservatively to minimize the risk of overestimation. They must set clear physical boundaries to the project, consider its impact on all carbon sources and sinks within the boundary, as well as knock- on effects on emissions outside its boundary, and review this regularly.

  9. Projects will have to monitor and report on emissions reductions and removals for at least 40 years where there is a risk they may be reversed and maintain a risk-based buffer pool of carbon credits that can be cancelled to compensate for any reversals. This includes projects that protect and restore forests, wetlands and marine ecosystems, and that store carbon in farm soil. A Multi-Stakeholder Work Program will study how to further strengthen criteria in the next version of the CCPs.

  10. All new projects must put in place robust social and environmental safeguards that deliver positive sustainable development impacts. Requirements on programs include to: ensure free, prior informed consent from IPs & LCs assess and mitigate risks to IPs & LCs, including land acquisition and human rights assess and mitigate risks to biodiversity and sustainable management of natural resources be transparent about how they share project benefits with IPs & LCs Existing inventory of projects need to meet CORSIA and do no harm requirements A Multi-Stakeholder Work Program will be set up to advise on how to further strengthen criteria in the next version of the CCPs

  11. The Framework rules out projects that lock in fossil fuel emissions or technologies, including: enhanced oil recovery using carbon capture and storage; road transport powered solely by fossil fuels; and all electricity generation from coal or other unabated fossil fuels - except - new gas power as part of increased zero emissions generation supporting a national low-carbon transition plan.

  12. To raise ambition in the next version of the CCPs, Work Programs will examine best practices and new approaches for: jurisdictional programs permanence requirements digital MRV: universal data standards for remote sensing and other technologies to verify, monitor and report on projects disclosure of credit pricing and revenue, and standardised market infrastructure project alignment with host country NDCs oversight of verification and validation (including feedback processes) simplified CCP-Approval path for small projects These are in addition to those previously announced which will focus on: Paris Alignment (Corresponding Adjustments and Share of Proceeds for Adaptation) Sustainable Development Impacts & Safeguards

  13. PUBLISH: o First approved programs and Categories of credit types PUBLISH o Core Carbon Principles + Attributes o Assessment Procedure o Program level assessment framework Category level assessment framework PROGRAM LEVEL ASSESSMENT: ONGOING ASSESSMENT FAST TRACK FOR CORSIA ELIGIBLE PROGRAMS CATEGORY LEVEL ASSESSMENT: FAST TRACK: Highly likely to meet Category - level CCPs CATEGORY WORKING GROUP FIRSTLABELSISSUED MUTLI-STAKEHOLDER WORKING GROUP: Deeper assessment for labelling process FURTHER CATEGORY-TYPE LABELS ISSUED WORK PROGRAMS FEED INTO CONTINUOUS IMPROVEMENT

  14. 16

  15. Post social media content to promote in your community using our suggested posts Sign up to our newsletter (here) and share the launch with your network Follow @ic_vcm channels and share, like, comment on the posts Raise awareness of ICVCM s new global benchmark using hashtags #CoreCarbonPrinciples and tagging @ic_vcm

  16. 18

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