Glossary

What is the role of the IC-VCM?

What is the role of the IC-VCM?

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Nancy Marshall, SVP, Marketing
 +1 484.415.7603 or nmarshall@climeco.com

What is the role of the IC-VCM?


by: Jessica Campbell | April 19, 2023

What is the role of IC-VCM?


Boyertown, Pennsylvania (April 19, 2023) –
The Integrity Council for the Voluntary Carbon Market (IC-VCM) emerged last year as one of the recommendations of the task force on scaling the voluntary carbon markets (TSVCM). The TSVCM recognized the power of the VCM and its potential to play a more significant role in the mitigation of climate change but suggested that there needed to be increased standardization across the market to reach its full potential and achieve maximum benefit. The mandate of the IC-VCM is, therefore, to ‘build integrity and scale will follow.’ After holding a public engagement period during the latter half of 2022, the IC-VCM launched its updated Core Carbon Principles (CCPs) in March 2023.

The recent launch is considered ‘Release One’ and includes the finalized list of the 10 CCPs and the Programme-level Assessment Framework. Using the Programme-level Assessment Framework, GHG registries, and programs can now start to prepare their applications to be CCP eligible. The IC-VCM has recognized the overlap between the programme-level assessment and CORSIA’s rigorous assessment process that most programs have already undergone. Therefore, CORSIA-eligible programs will only need to demonstrate compliance with some additional criteria rather than the whole framework.

The remaining part of the Assessment Framework will determine the eligible credit categories and will be released in Q2. At that point, both the eligible programs and credit categories can be assessed. The IC-VCM has indicated that it expects decisions on which credits can be labeled CCP-compliant as early as the end of 2023.

The 10 CCPs have not changed significantly since the draft release but are now grouped into three main categories:

  1. Governance – effective governance at the credit programme-level, tracking of credits through a registry system, transparency, third-party validation, and verification
  2. Emissions Impact – additionality, permanence, robust quantification, and no double counting
  3. Sustainable Development – social and environmental safeguards, and avoid locking in technologies or practices that are incompatible with reaching net zero GHG emissions by mid-century

There will also be three voluntary attributes that a project can apply for:

  1. Host country authorization pursuant to Article 6 of the Paris Agreement
  2. Share of Proceeds for Adaptation
  3. Quantified Positive SDG Impacts 

ClimeCo is confident that the projects and registries we work with represent the highest quality in the market and are part of a market ecosystem that strives to make continuous improvements, regardless of the work of the IC-VCM. We are hopeful that the IC-VCM’s assessment will highlight the positive impact those programs and projects are having and the high standards that are already adhered to. 

Although we generally agree with the evaluation criteria for governance and emissions impact, there remains some uncertainty about how the IC-VCM will ultimately evaluate projects under category 3 – Sustainable Development. As the CCP label is a binary decision (pass/fail), we hope there is recognition of the highly variable opportunities and constraints based on a project’s geography and category, as well as the importance of supporting transition technologies today which will lead us down the path of continuous innovation.    

For more information or to discuss how ClimeCo can drive value for your organization, contact us through our website or info@climeco.com.

 


About the Integrity Council for the Voluntary Carbon Market

The Integrity Council for the Voluntary Carbon Market (Integrity Council) is an independent governance body for the voluntary carbon market.

They do this by setting and enforcing definitive global threshold standards, drawing on the best science and expertise available, so high-quality carbon credits channel finance towards genuine and additional greenhouse gas reductions and removals that go above and beyond what can otherwise be achieved, and contribute to climate resilient development.

For more information visit their website

About ClimeCo

ClimeCo is a respected global advisor, transaction facilitator, trader, and developer of environmental commodity market products and related solutions. We specialize in voluntary carbon, regulated carbon, renewable energy credits, plastics credits, and regional criteria pollutant trading programs. Complimenting these programs is a team of professionals skilled in providing sustainability program management solutions and developing and financing of GHG abatement and mitigation systems.

Contact us at +1 484.415.0501info@climeco.com, or through our website climeco.com to learn more. Be sure to follow us on LinkedIn, Facebook, Instagram, and Twitter using our handle, @ClimeCo.

BigCoast Forest Climate Initiative’s Carbon Credits Ready for Immediate Delivery

BigCoast Forest Climate Initiative’s Carbon Credits Ready for Immediate Delivery

NEWS RELEASE
FOR IMMEDIATE DISTRIBUTION
CONTACT
Nancy Marshall, SVP, Marketing
+1 484.415.7603 or nmarshall@climeco.com

BigCoast Forest Climate Initiative’s Carbon Credits Ready for Immediate Delivery


by: Nancy Marshall | April 11, 2023

ClimeCo Announces Carbon Offset Issuance From The BigCoast Forest Project
Boyertown, Pennsylvania (April 11, 2023) –
ClimeCo is excited to announce that the BigCoast Forest Climate Initiative (BigCoast Forest) carbon offsets, which offer solid additionality in forest protection, have been issued under Verra’s Verified Carbon Standard after a comprehensive independent verification and validation process. A limited volume is still available and ready for immediate delivery.

BigCoast Forest is a North American, nature-based forest carbon initiative located on over 100,000 acres of private land in Coastal British Columbia. This high-quality initiative is the largest of its kind in Canada, deferring harvest for 25 years and potentially longer. Its benefits go beyond just carbon credits. The forest contains and protects important ecosystems, drinking watersheds, and lands culturally significant to coastal First Nations. A portion of revenue derived from the initiative will flow to the Indigenous Protected and Conserved Areas (IPCA) Innovation Program and the Pacific Salmon Foundation, to enable cultural and scientific research on and around the project lands. 

ClimeCo & BigCoast Forest Project
The forest land associated with this initiative is considered an “old-forest” (80%) temperate rainforest, which contributes to a regional ecosystem home to bears, elk, salmon, orca, marbled murrelet, and more. The initiative also contributes to the United Nation’s Sustainable Development Goals (SDGs), including SDG 6 – Clean Water and Sanitation, SDG 12 – Responsible Consumption and Production, SDG 13 – Climate Action, SDG 14 – Life Below Water, and SDG 15 – Life on Land. 

To learn more about this project or purchase offsets, please contact Andy Kruger, Sr. Director of Environmental Markets, at akruger@climeco.com or +1 484.415.7607.

 


About BigCoast 

The BigCoast Forest Climate Initiative is in the business of sustainable forest stewardship, preserving timberland in Coastal British Columbia. BigCoast Forest brings high-quality, large-scale, nature-based carbon credits to a growing international market. The initiative is committed to achieving positive economic, social and sustainability outcomes from the working forest and the communities in which it is a part. For more information, visit BigCoastForest.com

About ClimeCo

ClimeCo is a respected global advisor, transaction facilitator, trader, and developer of environmental commodity market products and related solutions. We specialize in voluntary carbon, regulated carbon, renewable energy credits, plastics credits, and regional criteria pollutant trading programs. Complimenting these programs is a team of professionals skilled in providing sustainability program management solutions and developing and financing of GHG abatement and mitigation systems.

For more information or to discuss how ClimeCo can drive value for your organization, contact us at +1 484.415.0501, info@climeco.com, or through our website climeco.com. Be sure to follow us on LinkedIn, Facebook, Instagram, and Twitter using our handle, @ClimeCo.

What Are Sustainable Development Goals and How Can You Assess Their Impact?

What Are Sustainable Development Goals and How Can You Assess Their Impact?

What Are Sustainable Development Goals and How Can You Assess Their Impact?


by: Stephanie Hefelfinger and Rebecca Stoops | January 19, 2022

The WaY Project - Women with health insurance

Sustainable Development Goals (SDGs) are a popular topic worldwide, and you’ve probably seen organizations displaying their SDG contributions with these colorful icons. How are they justifying their SDG claims? How can you feel confident when purchasing credits, and what are the levels of assurance for SDG claims? What tools do professionals use to analyze their projects? 

What are SDGs?

The SDGs are 17 key issues that projects, businesses, and governments must target to improve the world by 2030. They were created by the United Nations (UN) Development Program and include targets like No Poverty, Responsible Consumption and Production, and Clean Water and Sanitation.  

Sustainable Development Goals - SDGs interconnect together

This diagram shows how all SDGs are interlinked and depend on each other. Image source: How food connects all the SDGs – Stockholm Resilience Centre 

Case Study of The WaY Project and Available SDG Tools 

In the voluntary credit market, plastic credits have been established to represent 1 metric ton of plastic waste collected from the environment. Projects like this can also offer other benefits that improve the community’s well-being and the environment – these benefits can align with the Sustainable Development Goals. 

The WaY (Women and Youth) plastic collection project in Cote d’Ivoire, developed by Conceptos Plásticos, collects plastic waste that would have otherwise been left in the environment. The plastic is turned into construction bricks, which are used to build schools for local communities. The project focuses on hiring women to increase empowerment and economic opportunities for a heavily underserved population. ClimeCo is partnering with the WaY Project to generate plastic credits from its plastic collection activities.  

It is essential for an organization to provide a good faith effort when presenting their SDG impact claims. When purchasing credits from a project with these claims, we highly recommend that you contact them and ask what steps they took to assess their SDG impact. To help you with this, let us walk you through the public SDG tools we used to determine our project’s biggest SDG benefits.  

The Tools

The SDG Impact Assessment Manager Tool is a free resource developed by the UN Global Compact and B Lab. The SDG Impact Assessment Manager Tool measures a project’s current impact and helps identify which SDGs have the greatest opportunity for improvement, with straightforward suggestions for actual changes. Think of this as an SDG personality quiz for a project.   

This is an example of a question from SDG 10 – Reduced Inequalities, as well as SDG 8 – Decent Work and Economic Growth: 

SDG Impact Assessment Question Example

The SDG Compass was developed by the UN Global Compact, the World Business Council for Sustainable Development (WBCSD), and the Global Reporting Initiative (GRI). Since the UN developed the SDGs at an international and country level, it can be hard to understand how they relate to smallerscale projects. This tool translates each SDG and all the targets into manageable and realistic goals that a project can achieve. The SDG Compass recommends prioritizing SDGs that could potentially affect human rights.  

The Outcome of Our Efforts 

We started with the SDG Impact Assessment Manager ToolThis requires the completion of 15-30 questions for each SDG, which usually takes a few hours to completeThe higher the score percentage (see below), the higher the impact on the goal. While The WaY Project has a positive effect on many SDGs, the results of this tool demonstrate that the largest impact is on SDGs 1, 4, 5, 9, and 10.  

The WaY Project's SDGs Impact Assessment

Next, we used the SDG Compass to study each SDG in greater detailThis explains how our project intends to actively meet the relevant SDGs. 

SDG Compass - How our project intends to actively meet the relevant SDGs.

Next, we created a diagram to see what parts of our project are directly quantifiable and measurable. All impacts are important, but its easier to prove and certify measurable impacts. Gold Standard recommends this step through their tool.

Gold Standard Tool - prove and certify quantifiable and measurable impacts.

Leveraging all three tools, we can see where our project has the biggest impactWe’ve also determined where we can improve. For example, The WaY project should continue encouraging women to use the provided Proper Protective Equipment (PPE) and work with the women to choose improved PPE offerings that fit their cultural attire 

Côte d'Ivoire - The WaY Project

Conclusion 

For those who want greater assurance on SDG claims, there are several credit registries that offer credits with SDG impacts that a 3rd party has verified – Gold Standardthe American Carbon Registrythe Climate Action Reserve, and Verra. At ClimeCo, we want clients to feel confident in our projects and their SDG claimsWe are here to educate and be a resource for understanding SDG claims, finding the right projects for clients’ ESG goals, and helping new projects develop their SDG claims. Feel free to reach out to us if you have any questions; we are happy to help.

ClimeCo - SDGs certified under Gold Standard

This is an example of certified SDGs from a project listed under Gold Standard’s registry. 


About the Author

Rebecca Stoops is a Project Manager at ClimeCo, focusing on plastic credit projects and refrigerant projects for carbon credits. She enjoys hiking, the great outdoors, and cleaning up nature by picking up trash. Stephanie Hefelfinger is a Project Associate at ClimeCo, focusing on plastic credit projects and livestock and composting projects for carbon credits. She enjoys hunting for pretty rocksThey both enjoy getting into the nittygritty details of projects to learn how they operate and their positive impacts on the environment.