VCMI announces public consultation on beta Scope 3 Claim
London, United Kingdom – 23 July 2024: The Voluntary Carbon Markets Integrity Initiative (VCMI) will run a public consultation on further development of the proposed Scope 3 Claim1.
Running from 2nd September to 7th October, the consultation will be conducted in accordance with established best practice2. Inviting feedback on an updated version of the Scope 3 Claim, the process will help build on and strengthen existing requirements and guardrails to finalize the claim and ensure that it maintains high standards of integrity, while also being practical to potential corporate adopters.
The Scope 3 Claim will offer a mechanism to enable companies to take greater action on scope 3 greenhouse gas emissions they have been unable to reduce. These are emissions that would otherwise not be accounted for or addressed by companies. It will also help support and grow wider participation in high-integrity voluntary carbon markets, that deliver critical flows of climate finance to emissions reduction and removal projects.
VCMI is actively engaging a wide range of stakeholders to encourage participation in the process.
“VCMI is committed to the highest standards of governance and transparency in the development of its guidance; gathering diverse perspectives is an essential part of this process,” explains Mark Kenber, Executive Director at VCMI. “The Scope 3 Claim is designed to incentivize companies to decarbonize across the whole of their value chain, while also investing in high quality projects that reduce and remove emissions. Responses to this consultation will be key to building a robust, credible framework for scope 3 impact to help meet our global climate goals.”
Publication of consultation responses is planned for late 2024. The consultation is just one aspect of the wider development process3, with overall finalization of the Scope 3 Claim planned for Q1 2025.
The public consultation will ensure the requirements and recommendations covered by the Scope 3 Claim are clear, effective and further strengthen transparency. Specific topics addressed include the core methodology for the claim, guardrails to ensure use of the claim drives further mitigation and prevents greenwashing, and approaches in addressing the gap in scope 3 emissions.
Alongside wider stakeholder input, the process will also involve active input from VCMI’s Expert Advisory Group and Stakeholder Forum Group, in addition to formal approval and oversight by its Steering Committee.
VCMI works closely with other organizations to develop a coherent approach for setting ambitious goals, enabling and assessing corporate progress towards decarbonization targets, and supporting the achievement of the goals at the heart of the Paris Agreement 4.
Further information on how to participate in the consultation will be shared on VCMI’s website and social media channels. To be notified of this information, please sign up to the VCMI newsletter and follow VCMI on LinkedIn and Twitter (X).
Notes to Editor:
1. Evolution of name and branding is an ongoing aspect of the beta development process. This includes a shortening of its name from ‘Scope 3 Flexibility Claim’ to ‘Scope 3 Claim’, as will be reflected in the forthcoming updated version of the Claim to accompany the consultation process. Further development of brand and naming will happen alongside the consultation.
2. The consultation process will be conducted in line with established best practice as defined by the International Social and Environmental Accreditation and Labelling Alliance (ISEAL).
3. See ‘Scope-3-Flexibility-Claim-Beta’ (November 2023) for more context on wider process. Key aspects of the Scope 3 Claim were also subject to an earlier consultation, as part of wider Claims Code development process, which received input from over 150 organizations.
4. The Science Based Targets Initiative (SBTi) is shortly due to seek input on its forthcoming Scope 3 discussion paper. This process is unrelated to VCMI’s forthcoming consultation.
About VCMI
The Voluntary Carbon Markets Integrity Initiative (VCMI) is the issuing body behind the ‘Carbon Integrity’ mark. It is an international non-profit organization with a mission to enable high-integrity voluntary carbon markets (VCMs) that deliver real and additional benefits to the atmosphere, help protect nature, and accelerate the transition to ambitious, economy-wide climate policies and regulation.
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