Verra and ART Win CCP-Eligible Status After Significant Procedure Changes

The Integrity Council for the Voluntary Carbon Market has confirmed that Verified Carbon Standard (VCS), operated by Verra, and the Architecture for REDD+ Transactions (ART), operated by Winrock International, have met its Core Carbon Principles criteria, bringing the total number of CCP-Eligible programs to five. Together, the five approved programs — ACR, CAR, Gold Standard, VCS, and ART — account for 98% of the voluntary carbon market.

Verra's approval required significant procedural changes, including introducing a new programme to monitor the performance of independent project assessors, updating its grievance procedure to ensure impartiality, and committing to stronger sustainable development outcomes including publishing benefit-sharing results with local communities. ART operates globally through its TREES methodology, which is currently under Multi-Stakeholder Working Group assessment. ART is in the process of issuing TREES credits across 20 jurisdictions in 16 countries. Full details of program-level changes required for CCP compliance are being published on the ICVCM website.

The ICVCM's governing board expects to announce its first decisions on carbon credit methodologies in June 2024, paving the way for the first CCP-labelled credits to appear in the market. Methodologies such as ART's TREES and Verra's new REDD+ methodology (VM0048) remain under active multi-stakeholder assessment. The volume of CCP-labelled credits is expected to grow steadily through the second half of 2024 as additional methodology decisions are taken. Puro.earth, which operates carbon removal methodologies, has announced it is applying for assessment.

Governments and financial regulators continue to align with the CCP framework. The UK intends to consult on formal endorsement of the CCPs. The International Swaps and Derivatives Association has endorsed CCP-labelled credits as a benchmark for VCM credit quality. The US Commodity Futures Trading Commission has published draft guidance on carbon credit derivatives that references the CCPs. The ICVCM's ongoing oversight of CCP-Eligible programs includes audits, spot checks, and the power to suspend or terminate eligibility for material breaches.

Key figure — 98% — share of the voluntary carbon market covered by the five programs now holding CCP-Eligible status