The Integrity Council for the Voluntary Carbon Market (ICVCM) has approved three new carbon credit certification programs under its Core Carbon Principles (CCP): BioCarbon Standard, Cercarbono, and Plan Vivo (PV Climate). This means that the organization has approved a total of 13 programs since it started its evaluations in March 2024. The organization estimates that CCP-eligible programs now represent more than 95% of all cumulative emissions in the voluntary carbon market.
This decision is another step towards strengthening the integrity of the voluntary carbon market, as the CCPs seek to ensure that credits come from projects that meet high environmental and social quality standards. According to Annette Nazareth, chair of the ICVCM, these approvals reflect ongoing progress towards a market based on robust standards, greater transparency and independent evaluation processes.
Nevertheless, eligibility for each program is determined by specific conditions. For example, in the case of the BioCarbon Standard, approval only applies to projects registered under version 4.1 or later of the standard. For Cercarbono, projects must be registered under Protocol for Voluntary Carbon Certification version 4.5.2 or later. As for Plan Vivo (PV Climate) projects, they must be registered under Project Requirements version 5.7 or later, and they must be validated and verified by accredited bodies rather than independent experts.
Representation in the Latin-American Region
One of the most significant aspects of this round of approvals is the inclusion of two initiatives from the Global South. The two organizations, BioCarbon Standard and Cercarbono, were first established in Colombia. This shows the growing recognition of initiatives created beyond conventional markets and highlights Latin America's expanding engagement in the development of a highly reliable voluntary carbon market.
During the evaluation process, the three standards made significant adjustments to align with the requirements established by the ICVCM. Key improvements include:
- Strengthened governance,
- Greater transparency,
- Stricter controls on conflicts of interest, and
- Enhanced independent monitoring procedures.
They also updated their community consultation mechanisms, incorporated more robust requirements regarding free, prior and informed consent (FPIC) of indigenous peoples and local communities, and strengthened their risk management systems related to emission reduction permanence and the potential reversal of climate benefits.
Strengthening Standards
The BioCarbon Standard, administered by BioCarbon Cert, also strengthened its processes for developing, reviewing and approving methodologies, and now requires independent third-party validation and verification. Currently, it has 54 registered projects and has issued over 85 million carbon credits, equivalent to around 3.5% of all emissions issued in the VCM. Its portfolio mainly incorporates projects in AFOLU, as well as initiatives in energy, transportation, and waste management.
In addition, the program has developed 17 methodologies for activities such as ARR, REDD+, IFM, blue carbon, sustainable biochar, regenerative agriculture and improved livestock management. However, these methodologies have yet to be independently evaluated by the ICVCM.
Cercarbono operates over 200 projects in more than 25 countries and has issued around 130 million carbon credits, representing approximately 7% of the global VCM. Its portfolio includes projects related to land use, the energy industry, waste management, and industrial biogas digesters, with a particular focus on Latin America. During the assessment, the program highlighted aspects such as transparent information disclosure, benefit sharing, community participation, double-counting prevention, and Article 6-related issues, including host country authorization and corresponding adjustments.
Finally, Plan Vivo (PV Climate), administered by the Plan Vivo Foundation in the UK, has focused on nature-based community projects for over 25 years. It currently has 32 registered projects and nearly 30 additional projects in development, and has issued 15.9 million carbon credits. Its activities are primarily concentrated in agroforestry, reforestation, afforestation and REDD+ projects, and it has a presence in Latin America, Sub-Saharan Africa and the Asia-Pacific region.
The ICVCM continues to review the methodologies used to generate carbon credits. So far, 66 methodologies have been evaluated by the organization, 41 of which have been approved and 25 rejected. As a result of these evaluations, it is estimated that around 115 million credits have been authorized for use with the CCP label, a mark intended to provide buyers and investors with greater confidence in the quality and integrity of credits available in the VCM.
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