2024 in review: Delivering integrity to the voluntary carbon market 

This year has been pivotal for the voluntary carbon market (VCM). Amid unprecedented global temperatures and extreme weather, the need for a high-integrity VCM to accelerate meaningful climate action has gained global recognition.

The Integrity Council for the Voluntary Carbon Market proudly contributes to global efforts to deliver lasting integrity to the VCM. This blog sets out some of our key achievements this year – from announcing the first carbon-crediting programs and methodologies that adhere to our Core Carbon Principles (CCPs), to deepening our collaboration with stakeholders and growing our organisation.

CCP-labelled credits are bringing integrity to the market

All the biggest independent carbon-crediting programs are now eligible to use the CCP label, and the announcement of the first CCP-Approved methodologies in June paved the way for the first CCP-labelled credits to enter the market, marking a major milestone.

CCP-labelled credits are already making a positive impact, with analysis showing that demand for CCP-labelled credits is growing at a significantly higher rate than demand in the market as a whole. In the long term, this will incentivise a market-wide shift towards high integrity.

The volume of CCP-labelled credits will grow in 2025 as we continue to announce assessment decisions and as projects under new CCP-Approved methodologies start generating credits. The Integrity Council looks forward to seeing the CCP label continue to drive integrity and enable the VCM to fulfil its potential as a climate solution.

Further details on the Integrity Council’s assessment decisions can be found on our Assessment Status page.

Engaging with all stakeholders in the VCM

We have broadened our global engagement with governments and regulators to facilitate the regulatory uptake of the CCPs. Several countries, including the US, UK and Singapore, have this year endorsed the CCPs and integrated them into their regulatory frameworks.

We have also launched two new initiatives to engage with market actors:

• Market Consultation Group: The Market Consultation Group is a space for market practitioners to receive updates and provide feedback on the Integrity Council’s work. This group’s membership has grown exponentially throughout 2024.
• Data and Infrastructure Provider (DAIP) Network: The recently launched DAIP Network enables providers to engage with the Integrity Council according to their specialist areas and areas of mutual interest. Interested applicants should email [email protected] with the subject line ‘Expression of interest in data and infrastructure provider network’.

By engaging stakeholders across the market, the Integrity Council is fostering the development of the regulatory frameworks and infrastructure that is essential for a standardised, scalable market.

Working with Indigenous Peoples and local communities

This year, the Integrity Council set up the self-governing Indigenous Peoples and/or local communities VCM Engagement Forum.

The Forum has defined its strategic priorities, focussed on work that will support Indigenous Peoples and local communities to actively participate in the VCM, and ensure that carbon markets are rights-based. The priorities, include:

• Capacity building;
• Defining best practice for grievance mechanisms and benefit sharing;
• Empowering traditional ecological knowledge and customary laws; and
• Removing barriers to engaging with the VCM.

The Integrity Council is proud to host this essential Forum and we look forward to seeing it build upon its priorities and solidify its role as a leader in this space.

Raising integrity through continuous improvement

The Integrity Council’s Continuous Improvement Work Programs (CIWPs) study complex areas where the market needs to evolve and identify emerging best practice through where we could raise ambition in the next version of the ICVCM Assessment Framework.

The first five work programs concluded in July 2024. We will publish reports from these programs in 2025, covering Paris Agreement carbon market related matters such as corresponding adjustments, finance for adaptation and the relationship between project baselines and country commitments, as well as reports addressing possible further requirements on social safeguards, benefit sharing and a report into new approaches for permanence.

We will launch the next batch of work programs in 2025 to study a wide range of issues, including oversight of validation and verification bodies and issues related to market infrastructure. The ICVCM also recently approved new work programs on renewable energy crediting, transition crediting, and further study of permanence requirements.

This thought leadership will ensure that the VCM evolves with the latest science, technology, and best practice. By actively addressing complex challenges and exploring areas of increased ambition, they will drive solutions to further accelerate meaningful climate action through market understanding and revised rules.

Expanding our global reach

In 2024, the Integrity Council significantly expanded its global reach. We reached diverse audiences and built momentum for a high-integrity VCM by attending key climate events, enhancing our digital presence and engaging with global media.

Major highlights in our events schedule this year include Climate Week NYC, COP16 and COP29.

• Climate Week NYC: We co-hosted the inaugural VCM Day, a major event bringing together over 100 leaders from the public, private and non-profit sectors to speak to the critical role of a scaled, high-integrity VCM in accelerating climate action.
• COP16: The Co-Chairs of the Indigenous Peoples and/or local communities VCM Engagement Forum were present in Cali to engage with civil society leaders on the Forum’s work and mission.
• COP29: The Integrity Council sent a delegation to COP29 to follow the negotiations and demonstrate the progress being made in reforming the VCM. We spoke at 28 panels and hosted six tailored sessions for policymakers and NGOs.

We have also enhanced our digital and media presence, including by improving our website design and gaining recognition in several major media outlets. In particular, we have significantly expanded our reach among audiences in the Global South across all channels, underscoring the Integrity Council’s commitment to gaining inclusive, global support for our work to build a high-integrity VCM.

Continuing to build momentum in 2025

As we move into 2025, we will build on this year’s efforts to ensure even greater impact in the next. With plans to continue and expand existing work on continuous improvement and stakeholder engagement, the Integrity Council remains focused on our mission to build a high-integrity, inclusive VCM.

We want to thank all our partners, supporters and stakeholders for the commitment and dedication this year to driving change in the carbon markets. Together, we continue to transform the VCM into high integrity, investible, stable market that can deliver carbon finance flows to where they are needed most.