VCMI and ICVCM Call on Companies to Decarbonise and Use Quality Credits

Ahead of COP28, the Integrity Council for the Voluntary Carbon Market and the Voluntary Carbon Markets Integrity Initiative issued a joint statement calling on businesses to urgently cut emissions and supplement those reductions with high-quality carbon credits. Both bodies set out expectations for corporate climate leadership, including science-aligned near-term targets and public net-zero commitments no later than 2050.

The ICVCM and VCMI issued their joint statement emphasising that corporate decarbonisation must come first, with carbon credits serving as a complement rather than a substitute for emissions cuts. Companies must set and publicly disclose science-aligned near-term reduction targets across Scopes 1, 2, and 3, commit to net zero by 2050 at the latest, and purchase carbon credits that represent verified GHG reductions with robust environmental and social safeguards. Both organisations have developed end-to-end integrity rules for the voluntary carbon market.

The statement underscored that the VCMI's Claims Code of Practice and the ICVCM's Core Carbon Principles together provide a framework that protects companies using credits from accusations of greenwashing — both on the quality of credits purchased and the manner in which they are used in climate claims. The joint position aligns with guidance from major economies and positions the VCM as an accountability mechanism for companies unable to immediately eliminate residual emissions.

Ahead of COP28, the two bodies noted that non-state actors including corporations play a critical role in halving global emissions by 2030. Both organisations called on companies to move away from fossil fuel reliance urgently, arguing that inaction in the face of climate change represents a greater danger than imperfect action. The statement reinforced that carbon credits must meet the high-integrity CCP standard and be used only as a supplement to deep value chain decarbonisation.

Key figure — Net-zero emissions commitment deadline of no later than 2050 across Scopes 1, 2 and 3