— A select group of corporates are working closely with VCMI ahead of the release of additional guidance for its Claims Code of Practice on 28 November.
— Bain & Company, Boston Consulting Group (BCG), Better Drinks, Sendle and Natura announced as among the first members of the EAP program.
— The group is being supported by VCMI to understand requirements in the Claims Code and how to communicate climate action claims.
— This group will pave the way for corporates to confidently make VCMI Claims and celebrate credible climate action.
8 November 2023, London – VCMI today announces that it has launched its Early Adopters Program (EAP) to accelerate uptake of its Claims Code of Practice (Claims Code). This group will pave the way for corporates to confidently make VCMI Claims and celebrate credible climate action.
Bain & Company, BCG, Better Drinks, Natura and Sendle are among the first members of the EAP. VCMI is working closely with this group of corporate climate leaders to give hands-on support to understand the Claims Code requirements, facilitate peer-to-peer exchange and knowledge sharing, and provide tools and materials to aid communications about climate action claims. The program will also offer the opportunity for first-hand application of additional guidance, such as the VCMI Monitoring, Reporting, and Assurance (MRA) Framework.
Companies in the program share the view of VCMI that urgent action is needed now to invest in climate solutions, above and beyond cutting greenhouse gas emissions within value chains. Protecting and restoring nature in this decade, for example, is critical to meet the Paris Agreement temperature goal and Sustainable Development Goals. The Claims Code of Practice provides an opportunity to help corporates finance climate action today with the utmost integrity, through clarifying credible use of high-quality carbon credits.
The Early Adopters Program will run between October and December 2023 and forms part of VCMI’s ongoing consultation with the market. While not all companies within the EAP may make a claim at the end of the process, they are helping to shape the Claims Code, recognising its critical role in accelerating climate action.
The Claims Code fills a critical gap, bringing integrity to the demand-side of VCMs. It clarifies the complex landscape of voluntary carbon markets by providing companies with a rulebook for high-integrity, voluntary use of carbon credits and associated claims on the pathway to net zero. The Early Adopters Program supports organisations in the uptake of the Claims Code, so that they can start making credible claims about climate transitions that utilize high-quality carbon credits.
Mark Kenber, Executive Director, VCMI, comments:
“The Early Adopters Program highlights the climate leadership of these corporates and the ambition and action they are taking towards their engagement with the VCM. These companies are also showing that they want to do this with integrity, and transparently, which many critics of the VCM say is lacking in today’s VCM.
“VCMs are a necessary tool in the climate fight to drive finance to emissions removal and reduction projects which would be stranded without carbon finance. For these businesses to achieve net zero we need companies to feel they can engage with these markets confidently and that is what we are delivering at VCMI with the help of the EAP.”
Catarina Gorgulho, ESG Manager, Better Drinks, and EAP working group member adds:
“We are thrilled to join VCMI’s Early Adopters program, standing alongside a select group of companies worldwide dedicated to upholding the integrity of carbon credit markets through their pioneering Claims Code. As the only beverage company and one of only two Brazilian firms in the EAP, Better Drinks is honored to contribute to this vital initiative, marking a significant milestone for our startup, which was already born with the intention of making a positive difference in the world.”
João Teixeira – Climate Action Manager, Natura, and EAP working group member comments:
“Natura is committed to taking urgent actions to achieve SBTi- aligned with Paris Agreement goals. This includes prioritizing investments to decarbonize our value chain but also investing in climate solutions outside of it, particularly in protecting the Amazon Forest and regeneration of nature. We are committed to delivering valuable societal benefits when buying high-integrity carbon credits and through the EAP program we actively support VCMI in improving transparency and trust in their use. This enhances our contribution to fighting climate change beyond our value chain, ultimately guiding us towards a net zero economy.”
James Chin Moody, CEO, Sendle, and EAP working group member adds:
“Sendle is committed to reaching net zero emissions and is proud to use high-quality carbon credits to be accountable for our carbon footprint along the way. We’re pleased to collaborate with VCMI and leading companies to set standards that make the path for credible climate action clear to all companies.”
The Voluntary Carbon Markets Integrity Initiative (VCMI) enables high-integrity voluntary carbon markets which contribute to the goal of the Paris Agreement, bringing benefits for people and the planet. The VCMI Claims Code of Practice is a rulebook on how companies can make voluntary use of carbon credits as part of credible, science-aligned net-zero decarbonization pathways. It builds trust and confidence in how companies engage with VCMs, assisting them in making credible climate claims.