Sylvera becomes first carbon credit agency to adopt ICMA code of conduct for ESG ratings
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Carbon credit data and rating agency Sylvera has achieved a significant milestone by becoming the first of its kind to integrate the International Capital Market Association (ICMA) Code of Conduct into its Environmental, Social, and Governance (ESG) Ratings.
The ICMA Code of Conduct, established by the International Capital Market Association (ICMA), sets forth principles for ESG Ratings and Data Products Providers. Endorsed by the UK’s Financial Conduct Authority (FCA) and developed in collaboration with industry experts, including Sylvera, this code aims to enhance transparency and reliability in the carbon data industry.
Throughout an 18-month period, Sylvera actively contributed feedback on the Code’s development and emphasized the importance of such standards to the Organization of Securities Commissions and the FCA. By voluntarily adopting the ICMA Code of Conduct, Sylvera underscores its commitment to integrity, consistency, and independence in carbon credit ratings and data processes.
Commenting on this pivotal move, Allister Furey, CEO and co-founder of Sylvera, highlighted the critical role of reliable data in driving climate impact decisions. Furey emphasized the necessity of market confidence through transparent and standardized carbon credit ratings, positioning the ICMA Code of Conduct as a cornerstone for oversight in the carbon markets.
While Sylvera has already implemented governance structures based on regulatory frameworks for credit ratings agencies, Furey hailed the ICMA Code as a robust framework for ensuring conflict-free, standardized, and transparent carbon credit ratings.
Sylvera’s adoption of the ICMA Code of Conduct signifies a significant step forward in promoting trust and credibility within the carbon credit market, ultimately advancing the global transition to a sustainable future.
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