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RegisterThe VCMI Claims Code of Practice (Claims Code) will accelerate corporate engagement with voluntary carbon markets as part of net-zero pathways. It brings confidence and credibility to claims that involve the use of carbon credits.
The VCMI Claims Code of Practice is ready for use and companies can directly make claims against it. We encourage all businesses to show ambition, make a claim, and accelerate global net zero. Sign up to our newsletter to receive the latest information and updates.
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The VCMI Monitoring, Reporting and Assurance (MRA) Framework outlines specific reporting and assurance criteria for companies to meet in order to make VCMI Claims. This ensures that for each VCMI Claim issued, underlying information is appropriately evaluated, evidenced, and verified.
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This VCMI Claims Code of Practice brings confidence and credibility to claims that involve the use of carbon credits. Under the Claims Code, companies can use carbon credits to make “Carbon Integrity” claims to accelerate global net zero, above and beyond science-aligned emissions cuts.
The Claims Code is essential to ensure the integrity of voluntary carbon markets and therefore their ability to make a meaningful contribution to the goal of the Paris Agreement, while also at the same time contribute towards the United Nations Sustainable Development Goals (SDGs).
Developed through a global, multi-stakeholder collaborative process, the Claims Code builds on the Provisional Claims Code released by VCMI in June 2022. It expands on requirements of other leading climate change initiatives, including the Carbon Pricing Leadership Coalition’s (CPLC) Report of the Task Force on Net Zero Goals and Carbon Pricing; the full suite of Science Based Target initiative’s (SBTi) target setting guidance and standard; Gold Standard’s Scope 3 Value Chain Interventions Guidance; The Oxford Principles for Net Zero Aligned Carbon Offsetting; the UNSG’s HLEG; and the GHG Protocol’s Corporate Value Chain (Scope 3) Accounting and Reporting Standard.
The content of the Claims Code is driven by VCMI’s Principles for High Ambition and High Integrity Voluntary Climate Action by Companies.
The Claims Code represents the collective judgement of VCMI’s Steering Committee, VCMI’s high-level decision-making body, and has been developed under the guidance and advice received from VCMI’s Expert Advisory Group, as well as inputs received from broad multi-stakeholder engagement.
The primary purpose of the VCMI Claims Code of Practice is:
The Claims Code is for companies seeking to make credible voluntary use of carbon credits and receive recognition in the form of a VCMI Claim. VCMI also provides additional guidance on how companies can credibly structure other climate claims.
All VCMI Claims made using the Claims Code require companies to set clear science-based near-term emission reduction targets, and publicly commit to reaching net zero emissions no later than 2050, supporting the goals of the Paris Agreement.
In addition, companies must purchase high-quality carbon credits representing emissions reductions and / or removals from outside the value chain of the company. As such, companies making VCMI Claims demonstrate their contribution to the collective global effort to reach net zero.
Equally, the Claims Code will help the following groups as a point of reference:
Under VCMI’s Claims Code of Practice, companies can now make Carbon Integrity Claims that demonstrate their use of high-quality carbon credits to accelerate the global net zero transition, above and beyond science-aligned emissions cuts.
Each Carbon Integrity Claim requires the purchase and retirement of high-quality carbon credits proportionate to its remaining emissions once a company has met, or demonstrated progress towards meeting, its near-term emission reduction targets.
VCMI has consulted with its Expert Advisory Group and Stakeholder Forum to determine some changes to its Claims Codes’ Foundational Criteria, designed to ensure VCMI is aligned with evolutions in best practice approaches to corporate climate action while providing solutions for corporates to deliver immediate, near-term action.
The changes will be implemented alongside the Scope 3 Action Code of Practice at the end of April.
The changes being made are:
Foundational Criterion 1 will be updated to reflect the fact that countries may use national GHG emissions inventory methodologies, which have been adapted from the Greenhouse Gas Protocol (GHGP). This more inclusive approach is aligned with the GHGP.
Foundational Criterion 2 will be updated to reflect that near-term emissions reduction targets shall be consistent with reaching net-zero by 2050, but we will not require companies to make a public commitment.
Though target setting must be consistent with net zero no later than 2050, the requirement for a public commitment has been identified as a significant barrier to entry for companies that are focused on reducing emissions in the near-term. Ensuring companies have net zero aligned near-term targets is in line with VCMI’s high-integrity approach.
Commitment to long-term targets and setting long-term targets will become a recommendation, reflecting the urgent need for more ambitious and rapid action immediately and in the next five to 10 years.
All near-term emission reduction targets must be established through a credible science-aligned framework and should be validated by a third party.
Instead of requiring the verification stage to be delivered according to SBTI’s process, we will broaden the scope to allow for verification through other target setting frameworks, if available and credible, and recommend it is done by a 3rd party organization, in line with best practice.
