📣 The The Integrity Council for the Voluntary Carbon Market (ICVCM) – an independent governance body for the voluntary carbon market – has just announced the launch of its Core Carbon Principles (CCPs) and Assessment Framework.
🤔 Why CCPs?
As mentioned in my last post, the Voluntary Carbon Market (#VCM) is broken, suffers from a lack of transparency and has a lot of low-quality carbon credits.
The #CCPs are a set of quality criteria for carbon credits and aim to bring more trust, unlock additional investment, and help deliver real climate impact at speed and scale to help buyers identify high-quality carbon credits.
✅ But therefore, technology will need to be adapted :
Under this new framework, carbon registries will need to improve their monitoring of projects:
– Data from a carbon project will need to be easily available, transparent, and #traceable for audits.
– Building a common layer between carbon registries listing projects may be the solution to avoid double counting.
– Financial flows would need to be more transparent to ensure they go to the wallet of the project developer to unlock finance for high-quality climate solutions.
🚀 One great technology:
#Blockchain could be a great solution regarding its core values : decentralized, distributed, and immutable. Regarding this new set of quality criteria for carbon credits, blockchain technology would be a great solution promoting transparency and accountability.
– Creating an immutable and #auditable record of carbon emissions and reduction efforts throughout the project lifecycle, stakeholders can ensure that data is accurate and reliable and identify areas where improvements can be made.
– Blockchain can facilitate greater #collaboration and information sharing between project developers, credit programs, and auditors by promoting a more transparent and cooperative approach to carbon reduction efforts.
🌍 Let’s build the technology to reward high-quality projects with verifiable climate impact!
➡️ Next step: The first CCP labels to standards will be issued in Q3 of this year.