The Voluntary Carbon Markets Integrity Initiative (VCMI) has today released additional guidance for its Claims Code of Practice, enabling companies to make claims about their use of high-quality carbon credits.
- This guidance includes a Monitoring, Reporting and Assurance (MRA) Framework, a brand and associated mark for making ‘Carbon Integrity’ Claims, and a beta version of an additional claim.
- Using the MRA framework and the ‘Carbon Integrity’ Claims branding, companies can now make Silver, Gold or Platinum Claims as outlined in the original Claims Code of Practice released in June. This means these companies can now make claims using high-quality carbon credits, directing finance to initiatives that mitigate climate change, and demonstrating that they are going above and beyond science-aligned emissions cuts.
- VCMI has also launched the beta version of a new claim – called the ‘Scope 3 Flexibility’ Claim – as a practical step to accelerate corporate climate action. Once finalised next year, the Scope 3 Flexibility Claim will enable companies to take responsibility for their scope 3 emissions, while getting on the path to net zero through use of high-quality carbon credits. Robust guardrails are in place to maintain integrity and avoid misuse of this new claim.
The enhanced guidance is an important new milestone to address governance gap, mobilise demand, increase flow of climate finance and accelerate action to transition.
More details of the guidance note: https://vcmintegrity.org/wp-content/uploads/2023/11/VCMI-Claims-Code-of-Practice-November-2023.pdf