Major carbon credit programs receive initial approval amid growing market demand
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Five of the largest carbon credit programs worldwide have received initial approval from a regulatory body dedicated to enhancing standards in the carbon offset market. Major purchasers include Microsoft, Salesforce, and Amazon.
The Integrity Council for Voluntary Carbon Markets (ICVCM) has included Verra and the Architecture for REDD+ Transactions (ART) in its approved list, recognizing their adherence to the Core-Carbon Principles rule book.
Enabling companies to purchase credits from projects that sequester carbon, like mangrove restoration, and use them to offset their emissions is considered a crucial strategy for assisting developing countries in environmental preservation.
Also read: Europe’s largest carbon capture project underway in Rotterdam port
However, growth in this area has been hindered by challenges related to the origin, credibility, and effectiveness of certain credits and the claims associated with their purchase.
The Integrity Council for Voluntary Carbon Markets (ICVCM), supported by the Bezos Earth Fund and the Children’s Investment Fund Foundation, is actively working to tackle these issues and enhance standards in the carbon offset market.
Pedro Barata, co-chair of the expert panel for ICVCM, told Reuters that their standards provide a strong argument for companies to invest in “high-quality” carbon credits, alleviating concerns about accusations of greenwashing.
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