ICVCM Calls for Stronger Article 6 Outcome After COP28 Recognition Push

The Integrity Council for the Voluntary Carbon Market reported broad government, NGO, and regulator support for the Core Carbon Principles at COP28 in Dubai, but expressed disappointment that no Article 6 carbon markets agreement was reached. Carbon crediting programs representing 98 percent of market share had applied for CCP assessment ahead of the summit.

At COP28, the ICVCM highlighted widespread endorsement from governments and financial institutions for high-integrity carbon markets. Key announcements included the UK government's intention to endorse the CCPs and reflect them in policy; the Monetary Authority of Singapore's commitment to align transition credits with CCPs; and the Commodity Futures Trading Commission's draft guidance aligned with CCP standards. Climate Impact X announced plans to launch standard contracts aligned with CCPs, while Xpansiv opened consultation on CCP-labelled credit trading infrastructure. Six independent crediting programs also pledged to amplify carbon market impact and committed to applying for CCP assessment.

The ICVCM and the Voluntary Carbon Markets Integrity Initiative (VCMI) jointly showcased end-to-end integrity rules for the voluntary carbon market at COP28. The VCMI's Claims Code of Practice guides companies on how to use CCP-labelled credits to make credible net-zero progress claims, complementing the ICVCM's supply-side standards. The Integrity Council also announced the creation of an Indigenous Peoples and Local Communities VCM Engagement Forum at COP28. Philanthropic foundations endorsed the ICVCM-VCMI partnership and pledged a unified approach to funding high-integrity carbon finance initiatives. Leading NGOs called for increased private sector investment in high-integrity carbon markets.

Looking ahead to 2024, the ICVCM stated that the first CCP assessment results would be announced in early 2024, covering both carbon crediting programs and credit categories. The Integrity Council said it would launch Continuous Improvement Work Programs to explore raising ambition and integrity for the next iteration of the CCP Rulebook, planned for 2026. The organisation also stated it would continue to support the 6.4 supervisory body under the UNFCCC, aiming for a coherent approach to high-integrity carbon crediting that aligns with Paris Agreement requirements.

Key figure — 98% of market share represented by programs that applied for CCP assessment