VCMI response to agreement of Article 6 rulebook
The agreement of an Article 6 rulebook is welcome. However, much critical detail needs to be determined in the coming period – including how these rules relate to voluntary carbon markets and use of Article 6 units to meet voluntary commitments.
It is immediately clear that establishing credible guidance on the claims that companies and other non-state actors can make regarding the voluntary use of carbon credits is more important than ever – this is at the heart of VCMI’s work.
In response to the Article 6 rulebook, VCMI will look closely at the implications for delivering high integrity, inclusive voluntary carbon markets – including the following areas:
- Whether and how Corresponding Adjustments are made for voluntary use of carbon credits, when credits acquired are not used to meet the buyer country’s Nationally Determined Contributions.
- Meaningful and inclusive participation of Indigenous Peoples, local communities, and other rights holders in greenhouse gas reduction and removal projects.
- The role of voluntary carbon markets outside the purview of Article 6.
- Distinguishing between claims based on use and cancellation of credits (from Article 6.4 or elsewhere) and those reflecting other types of action and contribution.
- Ensuring full transparency that allows for public scrutiny of the generation and use of carbon credits.
- If businesses should be permitted to make climate action claims based on some complete or partial use of carbon credits generated before 2021, except to compensate for historic emissions.