The Climate Vulnerable Forum, an international forum for countries most threatened by climate change, has published a blog post by Saleemul Huq, Head of the ecbi Training and Support Programme. The blog post, titled Voluntary Carbon Markets’ Credibility in Question Over Support for Adaptation, which makes the case for including a share of proceeds for adaptation (SoPA) in the core carbon principles (CCPs) being developed for the voluntary carbon markets (VCM). The Climate Vulnerable Forum has requested, through the official submissions’ process, that the Integrity Council for the Voluntary Carbon Market (IC-VCM), which is developing the principles, add a SOPA to its CCPs and that from January 2024 onwards, carbon crediting programmes should charge a share of proceeds of 5% at issuance, for the benefit of the Adaptation Fund. Huq argues that if the VCM does not align with the Paris system, its credibility as an instrument for the global environmental response to the climate emergency will be seriously in doubt.
The blog post is calling for a 5% SoPA to match the Paris Agreement approach, which was agreed at COP26 in Glasgow with respect to SoPA under Article 6. This would enable the VCM to provide adaptation benefits in an equitable manner, without distorting market choices to benefit vulnerable developing countries. It would also put the VCM in the “vanguard of progressive instruments to tackle the climate emergency”.
The IC-VCM, an independent governance body outside the UNFCCC, is in the process of establishing the CCPs, which will set new threshold standards for high-quality carbon credits, provide guidance on how to apply the principles, and define which carbon-crediting programmes and methodology types are eligible.
Click here to read the blog post on the CVF website.