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VCMI Claims Code of Practice launch event

28 June 2023

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VCMI Timeline Overview

2021
Inception
March

COP26 President-Designate Alok Sharma announces VCMI

2022
Development
June

Launch of the VCMI Provisional Claims Code of Practice and road test/public consultation

2023
Implementation
11 May

VCM Access Strategy Toolkit to be released

28 June

Launch of the VCMI Claims Code of Practice (Claims Code) and VCMI Stakeholder Forum

November

Additional Claims Code modules to be released

VCM Access Strategy Toolkit

VCM Access Strategy Toolkit

The VCM Access Strategy Toolkit provides guidance for countries to engage in high-integrity voluntary carbon markets (VCMs) in support of national climate and economic prosperity.

The Toolkit sets out key considerations for host countries to aid decisions on whether, why, how, and when to engage with VCMs. It is designed to help policymakers establish the policies and processes needed to maximise the benefits of thriving, high-integrity VCMs for their country.

It can be downloaded in full, or as separate decision sheets in printable format, and will be available soon in Spanish, Portuguese, and French.

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The Voluntary Carbon Markets Integrity Initiative is developing a Claims Code of Practice to guide credible, voluntary use of carbon credits and associated claims.

The Claims Code of Practice (CoP) will guide companies to make transparent and credible claims about their progress towards a longer-term Net-Zero commitment.

The VCMI Claims Code of Practice is now being developed through a balanced, transparent, and inclusive stakeholder process. The VCMI is proactively engaging with interested organizations, providing a range of options to engage with the process, including:

  • Targeted input on initial thinking with >60 participants from a broad spectrum of business, country, NGO, Indigenous Peoples and Local communities stakeholders on early drafts of the CoP (March – April 2022)
  • A road-test with corporate participants (June – August 2022)
  • Deep dives with Non-State Actors (NSAs) (June – August 2022)
  • Public consultation (June – Aug 2022)

Many organisations and individuals are contributing to the process, and we are making strong progress with your support.

Alok Sharma profile picture
Alok Sharma President for COP26

“Voluntary carbon markets can increase finance flows. I am pleased the UK Government is supporting the Voluntary Carbon Market Integrity Initiative to help ensure they deliver the greatest benefits for climate, for people and nature.”

Rachel Kyte profile picture
Rachel Kyte Dean of the Fletcher School, Tufts University

“Without clarification — and real enforcement — net zero will become an empty slogan that governments, corporations and investors can use to greenwash emissions as usual.”

Hindou Ibrahim profile picture
Hindou Ibrahim Founder and President of the Association for Indigenous Women and Peoples of Chad (AFPAT)

“Voluntary carbon market investment in natural climate solutions has the potential – only if it is done right – to accelerate climate mitigation while increasing much needed finance for natural climate solutions. Doing it right means respecting the rights, land, and territories of Indigenous Peoples; supporting projects governed by Indigenous Peoples and local communities while increasing finance for community conservations; and ensuring gender, social, and environmental standards.”

VCMI is a multi-stakeholder platform to drive credible, net-zero aligned participation in voluntary carbon markets.

To avoid the catastrophic impacts of climate change, global warming must be kept to 1.5C above pre-industrial levels.

Voluntary carbon markets provide an opportunity to direct private finance towards climate mitigation and nature-based solutions.

But integrity is crucial. VCMI engages stakeholders around a shared mission to ensure voluntary carbon markets fulfil their potential to support the goals of the Paris Agreement.

VCMI connects and amplifies initiatives that share its vision for high integrity voluntary carbon markets. In addition, it focuses on a few key areas where there is a clear need for additional work.

Immediate priorities are to:

  • Develop high integrity guidance for buyers of carbon credits, including on climate claims by businesses.
  • Support access to high-integrity voluntary carbon markets and monitor broader supply-side integrity efforts.

Supported by

VCMI is supported by the Children’s Investment Fund Foundation (CIFF) and the UK Government’s Department for Business, Energy & Industrial Strategy

Latest News & Insights

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VCMI opens request for proposals for research on how to support countries to maximize the climate and socioeconomic benefits delivered by high integrity carbon finance

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VCMI Launches VCM Access Strategy Toolkit to Promote Country Participation in High-Integrity Voluntary Carbon Markets

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Call for Expressions of Interest to join the VCMI Stakeholder Forum

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