ICVCM approves methodologies covering 27mn credits

The Integrity Council for the Voluntary Carbon Market (ICVCM) today announced that it has approved seven carbon crediting methodologies that together account for about 27mn credits.

The multi-stakeholder initiative's Core Carbon Principles (CCP) label acts as a benchmark for project integrity in the VCM that can be attached to carbon credits issued under approved methodologies to assure buyers of their quality. The seven methodologies approved by the ICVCM today cover projects that capture landfill gas (LFG) and those that mitigate ozone-depleting substances (ODS) from discarded household equipment.

Four LFG methodologies have been approved in total, two of which are used by carbon registries Verra and Gold Standard, with the third used by the American Carbon Registry and the fourth by the Climate Action Reserve. Three ODS methodologies have been approved, one of which is used by the American Carbon Registry, with the other two used by the Climate Action Reserve.

The ICVCM is currently assessing another 27 carbon credit methodologies that cover about half of the global market. Several of these include more LFG methodologies that account for an estimated 76mn carbon credits and more ODS methodologies that cover roughly 4mn carbon credits. The group said it expects to approve several methodologies in the reduction of emissions from the deforestation and degradation (REDD+) and clean cookstoves sectors in the coming months.

Verra said it has applied CCP labels to more than 10mn credits under its Verified Carbon Standard, all of which can be viewed on its public registry. The firm said project developers using ICVCM-approved methodologies can now request CCP labels if they have not already been approved.

The ICVCM's announcement follows last week's endorsement of the VCM by the US government, which issued guidance for entities seeking to participate buy, sell and trade carbon credits.

By Felix Todd