ICVCM Welcomes ABACUS Principles as Complement to Forest Credit Oversight

The Integrity Council for the Voluntary Carbon Market welcomed the ABACUS principles for quantifying the climate impact of forest restoration projects as a complementary initiative to its own global quality assessment work. The ICVCM noted that ABACUS, which builds on Verra's VM0047 methodology, is one of several initiatives improving specific credit type quality alongside the broader CCP framework.

ABACUS is a set of principles and requirements for assessing the climate impact of forest restoration carbon credits, developed around Verra's VM0047 methodology currently under ICVCM assessment. The Integrity Council noted that such targeted initiatives are valuable complements to its own role of setting an independent global threshold across all carbon credit types. The CCP label requires that both the issuing carbon-crediting program and the specific methodology meet the Core Carbon Principles, a more comprehensive test than single-methodology quality frameworks.

The ICVCM stated that the first CCP-labelled credits are already in the market and its assessments are expected to be largely complete by September. The council categorised ABACUS alongside a range of quality improvement initiatives, noting that all share the collective goal of unlocking the voluntary carbon market's potential to mobilise private finance for climate action. For buyers of forest restoration credits, having both ABACUS-aligned and CCP-labelled assurance could provide an additional layer of confidence.

The ICVCM reiterated the urgency of its work, citing UN Secretary General Antonio Guterres' statement that the next 18 months are critical for climate action. The council noted that a high-integrity voluntary carbon market is one of the tools available to rapidly scale climate finance. For forest-rich countries including India, where forest and land-use projects represent a significant share of potential carbon revenue, the development of credible quality standards for forest restoration credits is particularly relevant.

Key figure — CCP assessments expected largely complete by September 2024