Sustainable Finance

ICVCM Commits to Review CarbonPlan Findings on Approved Methodologies

ESG Broadcast Desk· 3 Jul 2024· 1 min read

The Integrity Council for the Voluntary Carbon Market said it would analyse the claims made in a CarbonPlan policy report before determining next steps, welcoming the scrutiny of carbon market projects. The ICVCM clarified that its role covers methodology and program-level assessment, not individual project verification, while noting its powers to investigate specific cases under its assurance process.

The ICVCM responded to a CarbonPlan report examining carbon market projects, acknowledging that project-level issues can arise even when the underlying methodology has been approved. The council stated that its oversight function enables it to investigate how CCP-eligible programs are applying approved methodologies, and that it will engage with relevant programs if it identifies cases of mislabelling. Under its Assessment Procedure, the ICVCM can investigate based on public information, including third-party reports such as the CarbonPlan analysis.

The ICVCM emphasised that the additionality requirements set out in its Assessment Framework apply to the methodology level, and that CCP-eligible programs are responsible for ensuring methodologies are correctly implemented at the project level. The council's supervisory powers allow it to conduct audits, make spot checks, and respond to complaints. If material failings are found, the ICVCM can, after due process, suspend or terminate a program's CCP-eligible status.

The statement reflects an ongoing challenge in voluntary carbon market governance: the gap between methodology-level quality standards and individual project execution. The ICVCM reiterated that while it does not assess individual projects, it oversees program-level compliance and can act when issues are identified. The council committed to making the results of its further analysis public. Third-party scrutiny such as the CarbonPlan report is considered an important input into the ICVCM's continuous improvement processes.

Key figure — CCP-eligible programs assessed for compliance under sections 5.8 and 5.9 of ICVCM Assessment Procedure

This content is AI-assisted and reviewed by the ESG Broadcast editorial team. It is for informational purposes only and is not investment or ESG-rating advice. See our Technology & Transparency policy.

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ICVCM Commits to Review CarbonPlan Findings on Approved Methodologies | ESG Broadcast