The Voluntary Carbon Markets Integrity Initiative (VCMI) aims to build integrity in voluntary carbon markets through guidance and standards. The VCMI Claims Code is a 4-step process that companies can follow to make aspirational climate claims through the purchase and retirement of high-quality carbon credits. The Code establishes foundational criteria for companies and 3 tiers of claims - Platinum, Gold, and Silver - with differing thresholds for carbon credit usage. Assurance of claims will follow the forthcoming VCMI Measurement, Reporting and Assurance Framework to ensure transparency. VCMI sees the Code as aligning with emerging regulations and supporting high-integrity corporate climate action and carbon markets.

1. Voluntary Carbon
Markets Integrity
Initiative
Building integrity in voluntary carbon markets
CMP October 23rd 2023
1

2. About VCMI
@2021 Voluntary Carbon Markets Integrity Initiative 2
• Independent Multi-stakeholder initiative
• Mission: Enable VCMs that deliver for 1.5
1) Guidance for carbon credit buyers
2) Support country access

3. The VCMI Claims Code - A global and collaborative process
150
responses to the
provisional Code
through public
consultation
~70
companies
road-tested
~20
experts sitting
in our EAG
countries
represented in
our Country
Contact Group
50+ ~70
organisations
represented in
Stakeholder
Forum
Claims Code launched in
June 2023

4. STEP
ONE
Comply with the
Foundational
Criteria
STEP
TWO
Select a VCMI
Claim to make
STEP
THREE
STEP
FOUR
Meet the carbon
credit use and
quality thresholds
required
Obtain third-party
assurance following
the VCMI MRA
Framework
4 Steps for Making a VCMI Claim

5. STEP
ONE Comply with the Foundational Criteria
Foundational Criteria:
Maintain and disclose an
annual greenhouse gas
emissions inventory
Set and publicly disclose
validated science-based
near-term emissions
reduction targets, and
publicly commit to reaching
net zero emissions no later
than 2050
Demonstrate that the
company is on-track
towards meeting a near-
term emissions reduction
target and minimizing
cumulative emissions
over the target period
Demonstrate that the
company’s public policy
advocacy supports the goals
of the Paris Agreement
and does not represent a
barrier to ambitious climate
regulation

6. STEP
TWO Select a VCMI Claim to make
This is the most aspirational tier,
requiring the purchase and
retirement of high-quality carbon
credits equal to at least 100% of
a company`s remaining
emissions once it has made
adequate progress towards
meeting its
near-term targets
This tier is designed to be more
achievable than Platinum but still
requires the purchase and retirement
of a significant volume of high-quality
carbon credits equal to between 60%
and 100% of a company`s remaining
emissions once it has made adequate
progress towards meeting its
near-term targets
SILVER
This is the most accessible tier,
requiring the purchase and
retirement of high-quality carbon
credits equal to between 20%
and 60% of a company`s
remaining emissions once it has
made adequate progress
towards meeting its
near-term targets
GOLD PLATINUM

7. STEP
THREE
Meet the carbon credit use and quality
thresholds required
The Core Carbon Principles:
Governance Emissions Impact Sustainable development
1. Effective governance
2. Tracking
3. Transparency
5. Robust independent third-party
validation and verification
5. Additionality
6. Permanence
7. Robust quantification of emission
reductions and removals
8. No double counting
9. Sustainable development
benefits and safeguards
10. Contribution to net zero
transition
Carbon credits must be of the highest quality, to underpin the credibility of claims and help drive integrity across
the market. Companies shall purchase and retire ‘CCP-Approved’ credits when they become available.

8. Clearer and more detailed
requirements which are
fully assurable
VCMI Measurement,
Reporting and Assurance
Framework to be published
in November 2023
Transparent reporting of information is essential to
demonstrate that:
i. Foundational Criteria requirements has been met
ii. VCMI Claim-specific requirements have been met
iii. Key information related to the carbon credits used
to make the VCMI Claims is disclosed
STEP
FOUR
Obtain third-party assurance following
the VCMI MRA Framework

9. VCMI Claims Code: Requirements for disclosure and assurance
align with emerging regulatory frameworks​
SEC CSRD UK TPT TCFD CDP
Maintain and publicly disclose
GHG inventory
✓ ✓ ✓ ✓ ✓
Set near-term targets and commit
to long-term target
✓ ✓ ✓ ✓ ✓
Progress towards a near-term target
✓ ✓ ✓ ✓ ✓
Demonstrate public policy
advocacy supporting Paris Agreement
n/a n/a ✓ ✓ ✓
Transparency around carbon credits ✓ ✓ ✓ ✓ ✓
Foundational Criteria

10. Clear support for the Claims Codes demonstrated by positive
reaction
▪ A breadth of voices from governments, UN,
and NGOs supported the Claims Code and
our media outreach efforts in a variety of
regions.
▪ Quality coverage in 40+ international
publications, across a variety of geographies.
Notable global titles include Reuters, The
Guardian, Bloomberg, Politico and WSJ.
▪ Strong interest in our Claims Code since
launch day (over 20,000 views on the Claims
Code Webpage).

11. Next steps – Additional Claims Code guidance to be published
on 28th November
Claims Code
(June)
1) Monitoring,
Reporting and
Assurance Framework
2) VCMI Claims
Branding
3) Additional VCMI
Claims tier(s)
Additional
modules of
guidance

12. Window to
limit warming to
1.5 narrowing –
every
tool needed to
close
emissions/
financing gap
VCMs can
rapidly
mobilise and
allocate
capital, in
complement to
compliance
and Article 6
VCMs come
with significant
reputational
risk – but
signs that
integrity, and
confidence,
is building
Companies
must engage
credibly, in
addition to
internal
reductions
Coordinated
comms & air
cover is
needed to
show support
COP28 as
critical
moment
COP28 Aim – To reaffirm role and collective support for high value,
high integrity VCMs
Key ask: country support, coordination, and collaboration to clarify what credible, high-
integrity corporate climate action looks like (including the use of carbon credits)

13. Thank you!
To join VCMI’s Country Contact Group please
email:
george.hodgetts@vcmintegrity.org
@2021 Voluntary Carbon Markets Integrity Initiative 13