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The Integrity Council for the Voluntary Carbon Market (ICVCM) has announced the first batch of carbon credit methodologies to pass their review. This includes three methodologies for the destruction of ozone-depleting substances (ODS) and four methodologies for landfill gas capture (LFG). It is estimated that 27 million carbon credits could be awarded the Core Carbon Principles (CCP) label by the ICVCM. However, experts caution that these newly approved methodologies are not the most popular ones in the market. They urge the ICVCM to expedite the review process to provide common standards for market participants to follow.
Established in 2021, the ICVCM is an independent governance body for the voluntary carbon market, aiming to enhance its scale and efficiency. In 2023, the organization outlined ten Core Carbon Principles, including traceability, transparency, independent verification, additionality, and avoidance of double counting, to increase the credibility of carbon credits.
