Integrity Committee’s (ICVCM) core principles and evaluation framework for voluntary carbon markets.

The Integrity Committee for Voluntary Carbon Markets (ICVCM) was established in 2021 to provide oversight and guidance for the voluntary carbon market. The ICVCM has developed core principles and an evaluation framework to ensure the integrity and transparency of voluntary carbon markets.

The core principles of the ICVCM include the following:

1. Environmental integrity: Carbon credits should be real, additional, permanent, and verifiable to ensure that they represent genuine emission reductions and removals.
2. Social responsibility: Carbon credit projects should respect human rights, avoid negative social impacts, and provide benefits to local communities.
3. Market transparency: Information on carbon credits and carbon market transactions should be transparent and accessible to all stakeholders.
4. Governance and risk management: Carbon market participants should have effective governance and risk management systems to ensure the integrity of the market.
5. Stakeholder consultation and participation: Carbon market participants should engage with and consult stakeholders, including local communities and indigenous peoples, to ensure their voices are heard.

The ICVCM’s evaluation framework is designed to assess the compliance of carbon credits and carbon market participants with the core principles. The evaluation framework includes the following criteria:

1. Carbon credit eligibility: The carbon credit must meet the environmental integrity criteria and be issued by a recognized carbon standard.
2. Carbon credit pricing: The price of the carbon credit should reflect its environmental integrity, social responsibility, and market transparency.
3. Carbon credit retirement: The carbon credit should be retired by the purchaser to ensure that it is not used again.
4. Market participant governance: The carbon market participant should have effective governance and risk management systems in place to ensure the integrity of the market.
5. Market participant disclosure: The carbon market participant should disclose information on its carbon market activities, including its carbon credit portfolio and pricing.

Overall, the ICVCM’s core principles and evaluation framework are designed to promote integrity, transparency, and accountability in the voluntary carbon market.