ICVCM approves three certifiers meeting “high-integrity” criteria, Verra still under scrutiny
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An international benchmark aimed at defining high-quality carbon offset projects has taken a significant step forward, with three major certifiers receiving approval from the Integrity Council for the Voluntary Carbon Market (ICVCM) on Friday.
Gold Standard, ACR (formerly American Carbon Registry), and Climate Action Reserve are among the first organizations to meet the “high-integrity” criteria set by the ICVCM, marking a milestone in the efforts to discipline and expand the voluntary carbon market.
ICVCM’s approval allows these certifiers, which collectively verify over a quarter of carbon credits in the global voluntary market, to affix a new label to the carbon credits they endorse. This label is expected to drive demand towards quality projects and restore confidence in a market that has faced allegations of fraud and mismanagement.
Annette Nazareth, chair of ICVCM, described the move as “a new chapter” for the market, emphasizing its potential to mobilize private capital for emission reduction projects and channel investment to the Global South.
However, the approval process did not include Verra, which holds nearly 70% of the market share. ICVCM cited the need for more time to review information from Verra, with a decision expected by May, along with evaluations of other candidates.
ICVCM evaluates certifiers based on criteria such as governance, transparency, calculations, and community safeguards, before allowing them to apply a “Core Carbon Principles” label to approved carbon credits.
While certifiers have made adjustments to comply with ICVCM’s standards, such as enhancing transparency in registries, the council has yet to determine which types of carbon projects are eligible for the label. Decisions on project eligibility and methodologies are anticipated by next month, with a focus on forest management projects, once popular but now facing integrity concerns.
Despite recent advancements, concerns have been raised about transparency issues in certifiers’ registries. A review by Carbon Market Watch highlighted documentation deficiencies in the registries of major certifiers, urging stronger quality control measures.
As approved certifiers, Gold Standard, ACR, and Climate Action Reserve will be subject to assurance and oversight from ICVCM, which is committed to addressing complaints and ensuring integrity in the voluntary carbon market.
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