ICVCM unveils Assessment Framework for high integrity carbon credits
The Integrity Council for the Voluntary Carbon Market (ICVCM) has published the framework it will use to assess whether carbon crediting programs and categories of carbon credits meet its Core Carbon Principles (CCPs). The Assessment Framework sets a robust, achievable threshold that aims to raise standards across the Voluntary Carbon Market (VCM) to a consistent level of quality and promises to unlock finance at speed and scale for projects to reduce and remove carbon emissions.
The new Assessment Framework marks a significant step towards centralizing the voluntary carbon market on a common standard. In a world experiencing unprecedented heatwaves and soaring temperatures, the urgency to enhance credibility and assurance cannot be overstated. In this regard, Invert’s Co-CEO and Co-Founder, Andre Fernandez, expressed optimism that the introduced criteria holds the potential to accelerate climate action, elevate ambition and drive tangible environmental change.
This announcement instills additional confidence for carbon credit buyers, as clear standards for the demonstrable removal and reduction of atmospheric carbon must be met. For organizations new to the idea of carbon credits, or those that have purchased in the past, it emphasizes the importance of partnering with industry experts (hi!) to navigate the market effectively and ensure meaningful results aligned with their values.
Brazilian President Luiz Inacio Lula Da Silva announced that the eight South American nations home to the Amazon rainforest have agreed to pledge to end illegal deforestation by 2030; an unprecedented ambitious government effort to protect the world’s largest rainforest. The main drawback is related to economic interests that are sometimes in conflict with Amazon preservation, such as gold mining, and the oil and timber industries.
The Amazon preservation is critical to helping avert climate change as it absorbs one-fourth of the CO2 absorbed by all the land on earth. In addition, the rainforest is home to diverse species and has a critical cooling effect on the planet. The pledge to end deforestation in the Amazon is an enormous win for nature and an incredible milestone. However, we need to protect the rainforest now, not in 2030. If you are interested in helping protect the Amazon, contact us and become an integral part of the conservation effort.
World Bank President Ajay Banga revealed ambitious plans to strengthen the bank’s balance sheet and address global issues like climate change. In response to US Treasury Secretary Janet Yellen’s call for reform, the proposal focuses on increasing lending by allowing shareholders to guarantee loans if counties cannot repay and invest in bonds, potentially generating tens of billions in additional funds.
The World Bank’s provision of financial support to developing countries is a welcomed relief, as many of these nations have limited financial and technological resources to adapt to and mitigate the effects of climate change. This constraint not only affects their ability to protect their populations and environment but also leads to potential setbacks in poverty reduction, economic growth, and sustainable development efforts.
Climate phenomenon El Niño, which is shifting temperatures and intensifying climate conditions as a result of warming of sea surface temperatures in the central and eastern equatorial Pacific Ocean, is likely to become unusually strong later in the year. Adding to an already extreme year of weather events could further disrupt agricultural production around the world and could cause shortages that drive up food prices.
El Niño-induced agricultural disruptions and resulting supply shocks could lead to increased food nationalism as countries prioritize domestic consumption and impose export restrictions to safeguard their own food supplies. Similarly, climate change is expected to intensify extreme weather events and disrupt food production, potentially leading to similar responses of increased food nationalism as nations seek to secure their food resources in the face of uncertainty.
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