ICVCM Approves Three REDD+ Methodologies for High-Integrity Credits

The Integrity Council for the Voluntary Carbon Market has approved three methodologies for issuing high-integrity carbon credits for reducing emissions from deforestation and forest degradation in developing countries, opening the path for CCP-labelled REDD+ credits from early 2025. The approved methodologies include ART TREES v2.0, VCS VM0048, and the VCS Jurisdictional and Nested REDD+ Framework v4.1.

The three approved methodologies have significant volume in the pipeline. Nine jurisdictions in the ART TREES pathway have the potential to issue 123 million credits, with eight additional jurisdictions developing documents for registration. Twenty-one projects are in development under VM0048 with the potential to issue approximately 300 million credits in their first crediting period, while five projects are under Verra's JNR Framework. No credits have yet been issued under the approved methodologies, but REDD+ credits are expected to carry the CCP label from early 2025 once issuance begins.

The ICVCM stated that the approved methodologies address concerns identified in older REDD+ approaches. Under VM0048, project developers no longer set their own baselines based on self-selected reference areas; instead Verra establishes project baselines using jurisdictional deforestation data combined with a site-specific deforestation risk assessment, substantially reducing the risk of over-crediting. Verra's older REDD+ methodologies — VM0006, VM0007, VM0009, VM0015, and VM0037 — were excluded from assessment and account for around a quarter of all carbon credits retired in 2023.

Verra requires projects using the older excluded methodologies to transition to VM0048 and undergo requantification before their credits can receive the CCP label. The ICVCM's Governing Board noted that decisions on two further ART TREES crediting levels and clean cookstove methodologies are expected by year end. CEO Amy Merrill stated that there is no chance of meeting climate and biodiversity goals without increased finance for nature and Indigenous Peoples, calling the approvals the start of a much-needed new chapter for nature in carbon markets.

Key figure — Approximately 300 million credits in development under VM0048