Statement: ICVCM welcomes SBTi’s decision to extend the use of environmental attribute certificates
Written by ICVCM
Published
The Governing Board of The Integrity Council for the Voluntary Carbon Market (ICVCM) welcomes the statement by the Science Based Targets initiative’s Board of Trustees regarding the organisation’s decision to extend the use of environmental attribute certificates, including, but not limited to, voluntary carbon markets, for the purpose of abatement of Scope 3 related emissions, when properly supported by policies, standards and procedures based on scientific evidence.
As the independent market body working on validating carbon credit quality, ICVCM is delivering its global threshold for high integrity carbon credits through its ongoing assessment of carbon crediting programs and types of carbon credit for their adherence to the 10 Core Carbon Principles (CCPs). The Governing Board’s recent decisions approved the first “CCP-Eligible” Programs. Over the next months, the future decisions of the Governing Board will identify programs and categories of carbon credits approved to use the CCP label, helping buyers identify carbon credits that meet standards for high integrity, based on the best available science and methods.
By rapidly reducing reliance on fossil fuels and reducing deforestation within their value chains and with respect for the mitigation hierarchy, alongside investments in the high-integrity voluntary carbon market, companies can accelerate the just transition to net-zero. If the world’s top 1,700 emitters compensated for just 10% of their annual unabated value chain emissions, it could preserve more than 10% of the remaining 1.5°C carbon budget. It could also raise up to $1 trillion in finance for nature protection by 2030.
We look forward to continued collaboration with the Science Based Targets initiative recognising that investing in CCP-labelled carbon credits will be an important and complementary tool for companies with science-based targets, as they strive to transform their businesses as fast as possible in line with climate science.
