Third wave of CCP labels focuses on avoided deforestation

The ICVCM has announced that three avoided deforestation methodologies are now CCP-eligible: Verra VM0048; Verra VCS Jurisdictional and Nested REDD+ (JNR); and ART REDD+ Environmental Excellence Standard V2.0 - TREES Crediting Level.

There are two notable exceptions: VM0048 activities related to avoiding planned deforestation, avoiding degradation, and implementing sustainable forestry are not yet included; and ART TREES removals and activities in high-forest, low deforestation jurisdictions are yet to be assessed.

Currently, there are no CCP-eligible avoided deforestation credits on the market. Three jurisdictions are currently under validation and verification for eligible ART TREES methodologies; and Verra projects are allowed to transition to VM0048 once risk allocations have been released over the coming year. 

Thirteen REDD+ projects that have been excluded by CCP are rated ‘BBB’ or better by BeZero. Project-level carbon ratings remain critical for a live view of carbon risk, especially as projects transition to CCP-eligible methodologies, and as jurisdictional programmes mature.