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8th Strategic Dialogue of the CMP - Amy Merrill, C2ES (on behalf of ICVCM)

Session 2A presentation from the 8th Strategic Dialogue of the Carbon Market Platform, 23-24 October 2023

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ICVCM and VOLUNTARY MARKET SUPPLY SIDE INTEGRITY
Amy Merrill, Senior Director, Head of Global CaRBON MARKETS, C2ES
"Our theory of change is simple: build integrity and scale will follow"
ghgprotocol:
Emissions accounting
Icvcm:
Supply sideintegrity
VCMI:
demand sideintegrity
Sbti:
Target setting
4
net zero ecosystem
"Our theory of change is simple: build integrity and scale will follow"
OUR WORK
01
CoreCarbonPrinciples
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 AND OVERSIGHT
We provide governance and
oversight over carbon crediting
programs on adherence to
the CCPs as well as on market
infrastructure and participant
eligibility.
03
DefineRoadmap
We help to coordinate and
manage interlinkages
between individual bodies
to define a roadmap for the
responsible and high
integrity growth of the
Voluntary Carbon Market.
"Our theory of change is simple: build integrity and scale will follow"
8th Strategic Dialogue of the CMP - Amy Merrill, C2ES (on behalf of ICVCM)
CORE CARBON PRINCIPLES
Ten fundamental principles for high-quality carbon credits
that create real, verifiable climate impact, based on sound
science and best practice
ASSESSMENT FRAMEWORK
Detailed criteria used to determine whether carbon-crediting
programs that apply meet the CCPs
Detailed criteria used to determine whether Categories of
carbon credits (~methodologies) meet the CCPs
SUMMARY FOR DECISION-MAKERS
Explains the Assessment Framework and specifies a suite of
continuous improvement work programs and voluntary
attributes for carbon credits
ASSESSMENT PROCEDURE
The process through which programs and categories are
assessed against the CCPs, and ongoing oversight
What have we done so far?
On 27 July 2023 we released our full global benchmark for high-integrity carbon credits, setting a
robust, achievable threshold that will raise standards in the market and build trust.
Application opens for
carbon crediting programs
• Review of applications by
ICVCM
• Publication of
decisions: Approval/Remedial
Action/Rejection
• Outcome: Programs that are
CCP-eligible
• Assessment of Categories by
Multi-Stakeholder Working
Groups
• Publication of Board decisions:
CCP-approved/with
remedial action by related
Program/not approved.
• Outcome:
Eligible programs label carbon
credits in approved Categories
Assessment of carbon
credit categories
• Assurance, interim review,
including processes for
suspension, termination
• Process for managing
stakeholder complaints
• Process for hearings,
appeals against ICVCM
decisions
Ongoing compliance and
oversight
SEPT 2023 ONWARDS SEPT 2023 onwARDS 2024
Assessment process

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8th Strategic Dialogue of the CMP - Amy Merrill, C2ES (on behalf of ICVCM)

  • 1. ICVCM and VOLUNTARY MARKET SUPPLY SIDE INTEGRITY Amy Merrill, Senior Director, Head of Global CaRBON MARKETS, C2ES "Our theory of change is simple: build integrity and scale will follow"
  • 2. ghgprotocol: Emissions accounting Icvcm: Supply sideintegrity VCMI: demand sideintegrity Sbti: Target setting 4 net zero ecosystem "Our theory of change is simple: build integrity and scale will follow"
  • 3. OUR WORK 01 CoreCarbonPrinciples 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 AND OVERSIGHT We provide governance and oversight over carbon crediting programs on adherence to the CCPs as well as on market infrastructure and participant eligibility. 03 DefineRoadmap We help to coordinate and manage interlinkages between individual bodies to define a roadmap for the responsible and high integrity growth of the Voluntary Carbon Market. "Our theory of change is simple: build integrity and scale will follow"
  • 5. CORE CARBON PRINCIPLES Ten fundamental principles for high-quality carbon credits that create real, verifiable climate impact, based on sound science and best practice ASSESSMENT FRAMEWORK Detailed criteria used to determine whether carbon-crediting programs that apply meet the CCPs Detailed criteria used to determine whether Categories of carbon credits (~methodologies) meet the CCPs SUMMARY FOR DECISION-MAKERS Explains the Assessment Framework and specifies a suite of continuous improvement work programs and voluntary attributes for carbon credits ASSESSMENT PROCEDURE The process through which programs and categories are assessed against the CCPs, and ongoing oversight What have we done so far? On 27 July 2023 we released our full global benchmark for high-integrity carbon credits, setting a robust, achievable threshold that will raise standards in the market and build trust.
  • 6. Application opens for carbon crediting programs • Review of applications by ICVCM • Publication of decisions: Approval/Remedial Action/Rejection • Outcome: Programs that are CCP-eligible • Assessment of Categories by Multi-Stakeholder Working Groups • Publication of Board decisions: CCP-approved/with remedial action by related Program/not approved. • Outcome: Eligible programs label carbon credits in approved Categories Assessment of carbon credit categories • Assurance, interim review, including processes for suspension, termination • Process for managing stakeholder complaints • Process for hearings, appeals against ICVCM decisions Ongoing compliance and oversight SEPT 2023 ONWARDS SEPT 2023 onwARDS 2024 Assessment process
  • 7. Continuous improvement WORK PROGRAMs Starting imminently: • Paris Alignment 1: Corresponding Adjustments • Paris Alignment 2: Share of Proceeds for Adaptation Finance • Paris Alignment 3: Baselines and NDC alignment • Sustainable Development Benefits and Safeguards • Permanence Starting in 2024: • Digital MRV • Market Transparency, Standardization and Scalability • Oversight of VVBs and MRV Systems • Simplified Approaches for Small Projects • Jurisdictional Crediting Approaches Multistakeholder process developing improvements FOR the VCM AND the NEXT VERSION OF THE assessment framework:
  • 8. • Assessment of Categories by Multi-Stakeholder Working Groups • Publication of Board decisions: CCP-approved/with remedial action by related Program/not approved. • Outcome: Eligible programs label carbon credits in approved Categories IPS & LCS ENGAGEMENT FORUM: • Initial hosting and Support from ICVCM • Collaboration with relevant Partners • SELF GOVERNING Platform and convening point for interested IPS & LCS • Forum work will also support and feed into next VERSION OF ICVCM CCP Assessment Framework 2024 IPS & LCs ENGAGEMENT FORUM
  • 9. HOW DOES ICVCM SUPPORT SUPPLY SIDE INTEGRITY? • ICVCM accredits: • Programs operating robust and transparent governance systems that meet the Core Carbon Principles: CCP-Eligible Programs • Categories of carbon credits (methodologies, regional and temporal aspects) that meet the Core Carbon Principles. Eligible programs then tag relevant carbon credits in their registry: CCP-Approved carbon credits • This helps developers and buyers to identify high-integrity carbon credits • CCP label will help address current market uncertainty and cause migration to high-integrity • Governments can use the ICVCM to stimulate voluntary action by corporates (including disclosure requirements etc.) and support policy design
  • 10. HOW DOES ICVCM INTERACT WITH COMPLIANCE SYSTEMS? • CCP-Approved carbon credits can be recognized as eligible for use in compliance systems (e.g., relevant vintages of CCP-Approved carbon credits would meet Singapore Eligibility criteria) • Host countries can use ICVCM to identify high-integrity carbon credits to authorize • for NDC, CORSIA use • for other purposes (some voluntary buyers of carbon credits seek authorized carbon credits)
  • 11. HOW DOES ICVCM INTERACT WITH ARTICLE 6 oF THE PARIS AGREEMENT? • CCP-Eligible carbon crediting programs operate in the same project development market as Article 6 crediting (6.2, 6.4) • ICVCM and 6.4 mechanism rules set a reference for quality. • ICVCM covers issued carbon credits and existing methodologies, new credits and methodologies • 6.4 is future-looking (CDM transitioned methodologies and projects get reviewed and required to update before becoming 6.4 mitigation activities) • ICVCM and 6.4 are well aligned and alignment may increase over time.