Testimonials & Case Studies

Testimonials &
Case Studies

VCMI is the standard-setter for the demand-side of voluntary carbon markets. Our Claims Code of Practice provides science-aligned guidance for companies to make voluntary use of carbon credits as part of net-zero transitions.  

More than 50 governments and companies have endorsed VCMI’s Claims Code of Practice, which was developed through a global, multi-stakeholder collaborative process, in consultation with market experts, corporates, governments, regulators, and academics. Our expanding network of partnerships focuses on bringing scale with integrity.

As referenced by: 

UK Government
November 2024 Principles for voluntary carbon and nature market integrity

Guide responsible participation in voluntary markets for buying and selling carbon and nature credits.

U.S. Government
May 2024 Voluntary Carbon Markets Joint Policy Statement and Principles

Represents the U.S. government’s commitment to advancing the responsible development of voluntary carbon markets, with clear incentives and guardrails in place to ensure that this market drives ambitious and credible climate action and generates economic opportunity.

International Chamber of Commerce
November 2024  The role of voluntary carbon markets in mobilising finance to accelerate climate action

Highlights the importance of engaging in and scaling voluntary carbon markets as a complement to achieve global net-zero emissions and mobilise critical financial resources to support climate action.

CCA
February 2025 Clean Cookstove Alliance Buyer’s Guide to High-Quality Cookstove Credits

A practical roadmap for companies and investors, bringing greater clarity and integrity to the cookstove carbon credit market.

IOSCO
November 2024 Voluntary Carbon Markets Final Report

Outlines a comprehensive set of Good Practices aimed at ensuring financial integrity in VCMs.

World Bank
May 2024 State and Trends of Carbon Pricing

An up-to-date overview of existing and emerging carbon pricing instruments around the world.

IEA & GenZero
April 2024 The Role of Carbon Credits in Scaling Up Innovative Clean Energy Technologies

How high-quality carbon credits could accelerate the adoption of low-emissions hydrogen, sustainable aviation fuels and direct air capture.

IETA
April 2024 Guidelines for High Integrity Use of Carbon Credits

Guidance on how corporate buyers should consider their use of carbon credits to progress towards the goals of the Paris Agreement.

University of Oxford
Revised February 2024 Oxford Principles for Net Zero Aligned Carbon Offsetting

An essential resource to guide the design and delivery of net zero commitments by governments, cities and companies.

UNEP
2024 Carbon Markets

UNEP endorses and supports integrity initiatives VCMI and ICVCM.

DAI
2024 Unlocking the potential of carbon markets

How governments are building the market integrity and quality needed to scale nature-based carbon trading

UNDP
December 2023 UNDP’s High-Integrity Carbon Markets Initiative

UNDP is collaborating with global initiatives to establish robust principles and guidelines that ensure high integrity across all types of carbon markets.

“This year matters more than the next, and the next. Carbon credits enable immediate action: That’s why we’re focused on accountability this decade.”

Emma Stewart  Chief Sustainability Officer, Netflix

“Carbon credits should be last, but not later. If we’re emitting carbon into the atmosphere, we shouldn’t wait until 2050 to remove it. We should act now.”

Sam Israelit Chief Sustainability Officer, Bain & Co.

“Carbon finance holds immense potential as a building block to advance national economic resilience, social equity, climate action, and biodiversity prosperity, all while unlocking new streams of capital for countries facing the deepest climate funding gaps and the greatest climate vulnerability.” 

H.E. Mohamed Nasheed Secretary-General Secretary-General of the Climate Vulnerable Forum and former President of Maldives.

“We are at a stage now where it is absolutely critical for businesses to deploy every tool in the box in the address climate change in a timely manner. The Voluntary Carbon Market is a key tool and we have seen that companies who actively engage in the VCM and purchase credible and high quality carbon credits are reducing their own emissions more quickly than their peers. VCMI’s Claims Code of Practice will help move the market away from accusations of greenwashing and towards action.”

Christina Figueres Former Executive Secretary of the UNFCCC

“The voluntary carbon market has potential to significantly contribute to Paris Agreement’s goals and provide much-needed finance for global decarbonisation. VCMI guidance can help unlock this potential by increasing trust in high-integrity voluntary carbon markets. We welcome VCMI’s valuable work and look forward to further developments.”

Mr. Kai Mykkänen Government of Finland, Minister of Climate and the Environment

Scope 3 Action Code of Practice

The Scope 3 Action Code of Practice provides companies with a high-integrity, practical solution to close the scope 3 emissions gap. The Code has been backed by business organizations and coalitions including International Chamber of Commerce, We Mean Business Coalition, Environmental Defense Fund, and World Economic Forum, among others. Governments including UK, Peru, and Panama have also welcomed the Code.

 

“ICC represents a global business community committed to enhancing ambition on climate. Scope 3 emissions represent a significant share of our members’ greenhouse gas footprints and their supply chains are often complex, which can mean the path to decarbonization does not always run smooth. VCMI’s Scope 3 Action Code of Practice provides a high-integrity solution for businesses to close their scope 3 emissions gap. The time for action is now and we call on our members to follow the Code as their blueprint for delivering more rapid results and being part of the solution.”

Philippe Varin Chair, International Chamber of Commerce (ICC)

“The Voluntary Carbon Markets Integrity Initiative’s Scope 3 Action Code of Practice provides a science-aligned, practical pathway for credible action. It is not a license to delay, but a framework of integrity. It ensures carbon credits are used only where direct reductions face real barriers, and always in addition to deep emissions cuts. Developed through extensive stakeholder consultation, the Code reflects the ambition and accountability we need now. High-integrity credits are not a loophole, they are a lever of change. They can increase corporate ambition, accelerate global decarbonization, and channel urgently needed finance into emerging and developing economies. With courageous leadership and credible action, we can close the Scope 3 gap – and move closer to the safe and just future we owe the next generation.”

Christiana Figueres Founding Partner of Global Optimism and Former Executive Secretary of UNFCCC

“By combining direct decarbonization within the value chain alongside appropriate use of high-integrity carbon credits, businesses can go further, faster, and deliver finance to projects that reduce and remove emissions. Now is the time to embrace this approach, unlock momentum, and ensure companies deliver the speed and scale of global climate action required.”

Kerry McCarthy MP profile picture
Kerry McCarthy MP Minister for Climate, UK Government

“In the race to deliver net zero emissions, we must use every solution available to transform the global economy. Corporate leaders recognize that scope 3 emissions, though challenging, are critical to meeting net zero targets. Decarbonization must be the priority, but we need companies to go further, faster and the Scope 3 Action Code of Practice, developed by VCMI, provides companies with an additional option to deliver rapid, positive impact.”

Pim Valdre Head of Climate and Net Zero, World Economic Forum

“There is an urgent need to protect and restore nature right now and high-integrity carbon markets are a ready tool that the private sector can use to deliver tangible results for people and the planet. VCMI’s approach is a strong option for corporations. It will enable them to use credits in a way that is complementary to value chain decarbonization and will accelerate efforts toward reducing emissions.” 

 

Jennifer Morris CEO, The Nature Conservancy

“The Peruvian Government, through the Ministry of the Environment, recognizes the urgency of accelerating climate action, with a particular emphasis on the corporate sector. The Scope 3 Action Code of Practice from the Voluntary Carbon Markets Integrity Initiative (VCMI) offers companies a science-based option to reduce carbon emissions that are difficult to address in the short term. This approach aligns with Peru’s commitment to decarbonization and for this reason, we support initiatives that help close the emissions gap and contribute to achieving global climate goals.”

Juan Carlos Castro Vargas Minister of the Environment, Peru

“The transition to a net zero future requires a drastic shift in the scale and speed of climate action. For business, this shift must include efforts to address scope 3 emissions, which often make up more than 70% of a company’s total emissions. We Mean Business Coalition works across business, policymakers and regulatory bodies to champion clear and pragmatic ways for companies to tackle their emissions.

“VCMI’s Scope 3 Action Code of Practice lays out a high-integrity approach for businesses to use carbon credits as a complement to direct scope 3 emissions reductions efforts. It represents a valuable addition to the toolbox of solutions that can support businesses going further, faster. It’s time to act and we need to use every effective solution available.”

Jenny Ahlen Managing Director of Net Zero, We Mean Business Coalition

“At Natura, we envision a regenerative future where every company embraces sustainable business practices. VCMI’s new Scope 3 Action Code of Practice provides a credible and practical pathway for companies at earlier stages of the transition to a low carbon economy — especially those navigating the complexities of decarbonizing their Scope 3 emissions. It’s an important step to broaden engagement and accelerate global progress toward net-zero.”

Fernanda Facchini Head of Climate Change and circularity, Natura

“Promoting action to address scope 3 emissions is crucial to enable higher corporate ambition towards our net-zero goal. In this context, I highly value the VCMI’s Scope 3 Action Code of Practice as an important step forward to enable science-aligned corporate actions. I call on companies to use the VCMI’s Scope 3 Action Code of Practice to reduce scope 3 emissions.”

Kazuhisa Koakutsu Director, Paris Agreement Article 6 Implementation Partnership Center

“While direct value chain decarbonization is essential, the scale of the climate crisis demands that companies utilize every credible tool available. VCMI’s Scope 3 Action Code of Practice provides much needed guidance on how high-integrity carbon credits – including those driving large-scale action through forest protection – can responsibly complement ambitious corporate climate action on the path to net zero.”

Phil Brady Executive Vice President, Policy, Emergent

“The Partnership for Agricultural Carbon (PAC) welcomes the release of the Voluntary Carbon Markets Integrity Initiative’s (VCMI) Scope 3 Action Code of Practice as a timely and meaningful contribution to advancing ambitious, transparent, and high-integrity climate action. We commend VCMI for its continued leadership in operationalizing the principles of the Paris Agreement through practical guidance for the private sector”

The Partnership for Agricultural Carbon

Case
Studies

Companies that are accelerating real-world climate action by engaging in the voluntary carbon market with integrity.

Businesses that are demonstrating best practice use of high-quality carbon credits in line with VCMI guidance:

Company
November 2024 Bain & Company

Being Bold: Global consultancy Bain & Company’s approach to climate action

Company
March 2025 Natura Cosmetics

‘Committed to life’: How Natura Cosmetics embraces regeneration as part of its world-leading climate strategy

Access Strategies projects
around the world

Latin America and the Caribbean

Latin America and the Caribbean (LAC) boast huge potential for reducing greenhouse gas emissions from their agriculture sectors whilst making farming more prosperous, climate-resilient, and biodiversity positive. Carbon markets can scale private finance flows towards the implementation of sustainable agricultural practices in LAC.

VCMI is proud to be the incubator of the Partnership for Agricultural Carbon (PAC), which brings together a range of partners in LAC to accelerate the region’s agricultural sector access to high-integrity carbon markets. PAC is hosted by the Inter-American Institute for Cooperation on Agriculture and is delivered by experts at BioCarbon, who drive impact by providing technical assistance, developing a regulatory framework for carbon markets, building institutional capacities, and generating strategic knowledge products.

State of Yucatan (Mexico)

In partnership with Climate Focus and UNDP, VCMI supported and the Government of Yucatan to develop and publish best practice guidelines for private sector actors seeking to develop voluntary carbon market (VCM) projects within the state. 

The State of Yucatan is recognized globally for its rich biodiversity and natural ecosystems, particularly mangrove wetlands and tropical rainforests: the Yucatan Peninsula contains 60% of the mangroves in all of Mexico.

The VCM can serve as an instrument to attract investment for conservation, restoration, and sustainable development.

To learn more, check out the Best Practice Guide and press release.

Benin 

VCMI has partnered with the Government of Benin to ensure the effective integration and governance of high-integrity carbon markets within its national climate plan, as one tool among many to finance its nationally determined contribution (NDC). 

Benin is one of the most climate-vulnerable countries globally. Under a business-as-usual warming scenario, it will be one of the most exposed countries to extreme temperatures by 2070. Already, climate hazards have significantly impacted its agricultural productivity, water resources, and food security.  

This project will support Benin to strategically leverage carbon finance from local projects, allowing Benin to mitigate climate risks while enhancing food security and energy independence. 

A decision matrix tool, currently in development, is tailor-made for the Benin government to support its evaluation and approval of carbon projects for Article 6 and VCMs in support of achieving national climate, sustainable development, and resilience goals.

The draft tool has been shaped by extensive collaboration with government stakeholders. Once ready, it will increase transparency of national carbon markets by clarifying processes and responsibilities, with the objective to increase private sector engagement and trust in the markets.

Kenya 

VCMI funded the secondment of a carbon markets specialist to work directly within the Government of Kenya to support the development of the country’s holistic carbon market regulations (both Article 6 and voluntary).

Additionally, VCMI has supported the establishment of a collaborative and inclusive platform for public, private, and civil society stakeholders in Kenya to examine challenges, explore solutions, and develop recommendations for the growth of a high-integrity carbon market in the country, culminating in a high-level Carbon Markets Conference. 

These initiatives have reinforced Kenya’s position as a global leader in producing high-quality, high-value carbon credits, attracting global investment into local climate solutions. 

Peru 

VCMI is collaborating with Peru’s Ministry of Environment to expand and scale the country’s voluntary carbon market. This involves evaluating a range of policy options to incentivize investment (domestic and international) into high-quality carbon projects that align with Peru’s climate and sustainable development priorities, as well as strengthening local private sector knowledge and capacities to boost developer and investor engagement.

Pakistan 

Legal and policy uncertainty has slowed the growth of carbon market activities in Pakistan. To attract investment into high-integrity carbon projects, VCMI is supporting the Government of Pakistan to strengthen its legal framework on carbon markets and provide clear policy signals to market participants.  

This entails developing a streamlined approach to carbon market governance by creating a single legal instrument governing both VCM and Article 6 Paris Agreement activities. The project seeks to incorporate Article 6 components, as well as recent local policy decisions, into the country’s carbon market rules.  

Eastern Africa

VCMI is proud to partner with the Eastern Africa Alliance on Carbon Markets and Climate Finance (EAA) as part of its Access Strategies Program. The Alliance brings together seven member states, representing a combined population of 400 million, with a common goal to accelerate regional readiness and participation in high-integrity carbon markets.

Eastern African countries hold vast, untapped potential for nature-based solutions, from forest conservation and agroforestry to grassland restoration. Carbon markets can unlock this potential – but many project developers in the region face barriers to entering carbon markets.

In September 2025, the Manual for Developing Nature-based Carbon Projects in Eastern Africa was published to provide locally tailored guidance. Developed by Climate Focus and the EAA with support from VCMI, this new manual provides project developers with the knowledge and tools to design, implement, and scale high-integrity carbon projects that unlock carbon finance and deliver tangible climate, nature, and community benefits.

Download it here

VCMI is proud to work with a wide range of organizations to drive real-world climate action.

Global Expertise

The VCMI Secretariat contributes its diverse perspective across a wide range of working groups, helping to shape and deliver climate solutions at scale.

We are proud to collaborate closely with organizations across the globe, including:

The Integrity Council for the Voluntary Carbon Market is a non-profit, independent governance body that aims to set and maintain a global standard for high integrity in the voluntary carbon market, unlocking private climate and carbon finance that would not otherwise be deployed.

VCMI RepresentativeType of work
Sohyeon ParkRepresentative in the ICVCM CIWP Corresponding adjustment group
Mark KenberGoverning Board member, Standards Oversight Committee member
Bianca GichangiRepresentative in the ICVCM CIWP Corresponding adjustment group

A decentralised metadata platform that links, aggregates and harmonises all major carbon credit registry data to enhance transparent accounting in line with Article 6 of the Paris Agreement.

VCMI RepresentativeType of work
Sohyeon ParkRepresentative in the CAD Trust double counting taskforce & CAD Trust user forum

The Natural Climate Solutions Alliance (NCSA) has been established to convey the voice of businesses, NGOs and solution providers on the need to mobilize a high-integrity demand for high-quality NCS

VCMI RepresentativeType of work
Saurabh JainRepresentative & Contributing to Policy Updates (GCD, VCMI, Canada Green Claims)

The International Advisory Panel on Biodiversity Credits (IAPB) is an independent initiative established by France and the UK in June 2023 to facilitate the creation and growth of high integrity biodiversity credit markets and encourage enabling policy and regulatory mechanisms, in ways that are credible, timely, and coherent on an international level.

VCMI RepresentativeType of work
Mark KenberPanel Member

CCA is committed to strengthening responsible carbon markets that expand access to clean cooking.

VCMI RepresentativeType of work
Bianca GichangiAdvisory council member, Responsible Carbon Principles

The Singapore Sustainable Finance Association (SSFA) is established to collaborate across the financial and real economy sector to support the growth of Singapore as a trusted, vibrant, and inclusive sustainable finance centre.

VCMI RepresentativeType of work
Mark Kenber, Lydia SheldrakeKnowledge Partner