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Understanding the VCMI Claims Code of Practice.

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Established by the Voluntary Carbon Markets Integrity Initiative (VCMI), the Claims Code of Practice aims to provide guidance on the claims made regarding the use of carbon credits and seeks to ensure that the voluntary use of credits must accelerate and not undermine stakeholder contribution to global climate action.

Overall, the is to provide companies with clear requirements on when they can credibly make voluntary use of credits as part of their near-term climate objectives and long-term net zero commitments.

Furthermore, it provides guidance on the claims made regarding the use of those credits and seeks to ensure that the voluntary use of carbon credits must accelerate and not undermine stakeholders contribution to global climate action.

VCMI developed this code of practice to address several issues hindering climate action and the growth of the Voluntary Carbon Markets, including:

  • Lack of clarity around carbon neutral claims;
  • Insufficient transparency about corporate climate performance;
  • Stakeholder concerns that the use carbon credits could hinder, reduce, or replace company efforts to decarbonize their own operations and supply chains;
  • Misallocation of capital and purchasing power to incentivize real company leadership on climate action;
  • Reduce adverse impacts associated with companies making non-credible claims (e.g. reputational damage to both companies and the voluntary markets, potential fines, undermine climate action).

Click here to read more in our comprehensive guide on the foundations and application of the VCMI Claims Code of Practice.

About the Author

Cullen Flemming

Cullen is an experienced Mining Engineer and Rock Mechanics Engineer with over a decade of operational and project experience in both underground and open pit mining operations. He is currently a Corporate Development Specialist at Impala Canada, a wholly owned subsidiary of Impala Platinum Holdings, focused on building a strategically balanced pipeline of projects across the Americas.
Cullen is a licensed Professional Engineer who holds a Bachelor of Applied Science (Honours) from Queen’s University and is a CFA Charterholder.