Second wave of CCP labels focuses on renewables

Here are some key takeaways

• The ICVCM has rejected all renewable energy methodologies assessed for CCP eligibility. This covers both large and small-scale grid-connected methodologies, as well as mini-grid and off-grid methodologies. 

• The ICVCM’s rejection of these methodologies does not come as a surprise. BeZero has already rated 123 renewable projects, of which the majority are rated ‘B’ and ‘C’ and 90% face ‘significant risk’ to additionality. Today’s announcement renders 105 of these projects ineligible for the CCP label. 

• The ICVCM also added one methodology, AM0023, for Industrial Methane Emissions to its approved methodologies, bringing the number of BeZero Carbon-rated projects now eligible for the CCP label to nine, with these projects ranging from ‘BBB’ to ‘BB’ ratings. These nine projects lie in two sub-sectors: Landfill Gas and Industrial Methane Emissions. 

• Nevertheless, the energy sector is responsible for a third of VCM credits by issuance to date and project-based ratings offer a useful tool for discerning their full spectrum of quality.