The governance body for this is main, overarching role is the Integrity Council for Voluntary Carbon Markets (ICVCM). First ICVCM defines the Core Carbon Principles (CCPs) which defines global requirements for high-integrity carbon credits to be 1. real, 2. verifiable, 3. science based. Based on codified CCPs, the governance body then runs detailed assessments evaluating<\/p>\n\n\n\n
Provided that all – the program, the category, and the exact methodology – pass the required tests, the issued carbon credits can then be labelled as \u201cCCP-Approved\u201d<\/em>. ICVCM aims to be the highest standard and thereby signal high-integrity of the carbon credit \u2013 something that the buyers and marketplaces can finally safely settle on. Table 20 gives the Carbon Credit Programs which have applied for ICVCM assessment, and so far, Integrity Council has approved five programs (with aggregate 98% market share) as CCP-Eligible.[1]<\/a><\/p>\n\n\n\n Table 20. Carbon Credit Programs applying for ICVCM assessment.<\/p>\n\n\n\n The full list of approve (and denied!) Carbon Credit Categories can be found on ICVCM\u2019s website (www.icvcm.org\/assessment-status\/<\/a>). Of these four are geared toward forestry and are listed in Table 21.[2]<\/a><\/p>\n\n\n\n Table 21. Carbon Credit Categories<\/p>\n\n\n\n Finally, the key component \u2013 and what ultimately everything relies on \u2013 is for each category the exact methodology that defines a credit. According to the Core Carbon Principles these methods have to ensure that the credits are: <\/p>\n\n\n\n It is really this last component, robust quantification<\/u><\/strong>, which determines whether the carbon credits \u2013 and the entire market \u2013 will work. It is defined as<\/p>\n\n\n\n \u201cThe GHG emission reductions or removals from the mitigation activity shall be robustly quantified, based on conservative approaches, completeness, and scientific methods.\u201d<\/strong><\/p>\n\n\n\n In reality, this is very, very difficult to do, and are continuously being refined by ICVCM\u2019s Continuous Improvement Work Programs on Permanence<\/em> and Digital Measurement, Reporting and Validation<\/em>)<\/p>\n\n\n\n [1]<\/a> based on retirements in 2023.<\/p>\n\n\n\n\n
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