The Voluntary Carbon Markets Integrity Initiative (VCMI) will run a public consultation on further development of the proposed Scope 3 Claim.
Running from 2nd September to 7th October, the consultation will be conducted in accordance with established best practice. Inviting feedback on an updated version of the Scope 3 Claim, the process will help build on and strengthen existing requirements and guardrails to finalize the claim and ensure that it maintains high standards of integrity, while also being practical to potential corporate adopters.
The Scope 3 Claim will offer a mechanism to enable companies to take greater action on scope 3 greenhouse gas emissions they have been unable to reduce. These are emissions that would otherwise not be accounted for or addressed by companies. It will also help support and grow wider participation in high-integrity voluntary carbon markets, that deliver critical flows of climate finance to emissions reduction and removal projects.
VCMI is actively engaging a wide range of stakeholders to encourage participation in the process.
Mark Kenber, Executive Director at VCMI, said, “VCMI is committed to the highest standards of governance and transparency in the development of its guidance; gathering diverse perspectives is an essential part of this process. The Scope 3 Claim is designed to incentivise companies to decarbonise across the whole of their value chain, while also investing in high quality projects that reduce and remove emissions. Responses to this consultation will be key to building a robust, credible framework for scope 3 impact to help meet our global climate goals.”
Publication of consultation responses is planned for late 2024. The consultation is just one aspect of the wider development process, with overall finalisation of the Scope 3 Claim planned for Q1 2025.
The public consultation will ensure the requirements and recommendations covered by the Scope 3 Claim are clear, effective and further strengthen transparency. Specific topics addressed include the core methodology for the claim, guardrails to ensure use of the claim drives further mitigation and prevents greenwashing, and approaches in addressing the gap in scope 3 emissions.
Alongside wider stakeholder input, the process will also involve active input from VCMI’s Expert Advisory Group and Stakeholder Forum Group, in addition to formal approval and oversight by its Steering Committee.
VCMI works closely with other organisations to develop a coherent approach for setting ambitious goals, enabling and assessing corporate progress towards decarbonisation targets, and supporting the achievement of the goals at the heart of the Paris Agreement.
Further information on how to participate in the consultation will be shared on VCMI’s website and on LinkedIn and X.