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We need consistent rules that are aligned across all international carbon markets to enable high-integrity carbon credits to play their part in helping to meet global climate targets.
The CCPs offer complementary guidance and frameworks to help the development of carbon markets under Article 6 in several ways:
1 – Increasing alignment across international carbon markets
Article 6 does not directly regulate the voluntary carbon market and does not set any requirements for carbon credit quality in the voluntary space. This is where the Integrity Council comes in.
The Integrity Council oversees independent carbon-crediting programs that it has assessed as CCP-Eligible to ensure they maintain the high-integrity criteria. These carbon crediting programs issue credits used for voluntary climate action by organisations. By ensuring credit quality is aligned between the Article 6 governance system and a high-integrity voluntary carbon market, a market-wide shift to higher integrity will follow, with trust in market mechanisms mutually reinforcing the Article 6 and voluntary carbon market spaces.
2 – The CCPs enable countries to use existing voluntary carbon market infrastructure for Article 6 trading
We encourage governments and regulators to use the CCPs as a reference for credit quality when designing market policies and engaging in Article 6 cooperation.
In some cases, countries trading ITMOS under Article 6.2 rely on carbon credits issued by independent carbon-crediting programs. For example, in Singapore companies can use credits issued by independent programs to comply with the national carbon tax that they have to pay, if those credits pass a set of additional criteria. Article 6.2 sets out several high-level integrity criteria for carbon trading in its framework but leaves it to the countries involved to specify how these criteria are implemented.
In these instances, countries can reference ICVCM rules or directly make use of CCP-labelled credits to decide which credits to approve for trading.
Relying on CCP-eligible programs, methodologies and credits gives countries confidence in the quality of what is being transacted, helps save resources, and builds trust in the Article 6 markets as underpinned by robust integrity practices.
3 – The Integrity Council’s independent global standard supports countries and the private sector to transition to Article 6 markets
Our Assessment Framework provides a reference point for any country looking to develop a high-integrity domestic carbon market framework. This supports countries in developing strategies that harness the potential of the voluntary carbon market as a tool for attracting both public and private carbon finance for domestic decarbonisation and sustainable development.
It also helps build market readiness for countries considering future Article 6 cooperation, including private sector actors – project developer, verifiers, intermediaries and independent crediting programs.
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