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Image of forest. Third wave of CCP labels focuses on avoided deforestation

Third wave of CCP labels focuses on avoided deforestation

  • Dr Matthew Brady
    Senior Carbon Ratings Scientist, Avoided Deforestation Lead
  • Dr Phil Platts
    VP, Geospatial and Earth Observation
  • Dr Spencer Meyer
    Chief Ratings Officer
  • Markets and Policy
  • Ratings

  • 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.

Contents

  • The ICVCM approves three avoided deforestation methodologies

  • Exclusion of other project-level REDD+

  • Where things stand: CCP eligibility status

  • Annex: Assessment criteria for the CCP label 

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