VCMI awarded Best Initiative by Environmental Finance’s 2023 Voluntary Carbon Market Ranking
We are delighted to announce that, in partnership with the Integrity Council for the Voluntary Carbon Market (IC-VCM), we recently won ‘Best Initiative’ in Environmental Finance’s Annual Voluntary Carbon Market Rankings. Voted on by key market stakeholders, this award reflects the diligence and success of both organisations in delivering end-to-end integrity to the VCM by establishing clear frameworks and guidance, through both IC-VCM’s Core Carbon Principles and VCMI’s Claims Code of Practice.
In Environmental Finance’s Annual Voluntary Carbon Market, market participants vote for the leading companies and initiatives that exhibit best practice and innovation. This year’s rankings saw the highest amount of both entries and votes so far, reflecting the growing interest in these markets. In total, there were 4,300 votes across 22 categories.
Our collaboration with IC-VCM means bringing together expertise to create a strong foundation for a high-integrity VCM. We are building trust among market participants and key stakeholders, including corporates, investors, governments, civil society and Indigenous Peoples and local communities in emerging markets.
Our work to deliver a market integrity framework will help companies play their part in getting the world on track to limit global warming to 1.5°C, by focusing on crucial elements, including:
- Emphasizing that companies must prioritize decarbonizing their value chains;
- Clarifying the complementary role of high-integrity credits in a credible corporate climate strategy through clear principles and a rulebook, which will continue to be enhanced as new guidance emerges;
- Promoting commitment to quantified, independently verified science-based emissions reduction targets in line with the UNFCCC Paris Agreement and the 1.5-degree pathway, enhanced reporting requirements, disclosure mechanisms, and providing clear guidelines on the use of high-quality carbon credits on the way to net zero.
Investments in high-quality carbon credits , as an addition to internal decarbonization efforts, can help companies accelerate efforts to limit global temperature rise to 1.5°C. This recognition showcases the importance of the IC-VCM and VCMI shared vision, that investing in high-quality carbon credits helps to rebuild trust in the market, facilitate positive change and address both supply- and demand-side needs.