The voluntary carbon market (VCM) experienced a credibility crisis in 2023, with investigative journalism questioning the integrity of major forestry offset programmes. Verra, the largest credit registry, faced particular scrutiny over the additionality and permanence of its REDD+ credits.
The result was a healthy course correction. The Integrity Council for the Voluntary Carbon Market (ICVCM) launched its Core Carbon Principles, establishing a quality benchmark for carbon credits. The Voluntary Carbon Markets Integrity Initiative (VCMI) published guidance on how companies should use credits within a credible climate strategy.
The emerging consensus is clear: credits are a complement to, not a substitute for, direct emissions reduction. Companies must prioritise their own decarbonisation, use credits only for residual or hard-to-abate emissions, and select credits that meet the highest integrity standards.
RSustain’s carbon market advisory helps clients navigate this reformed landscape. We assess credit quality against ICVCM criteria, design offset portfolios aligned with VCMI guidance, and help companies communicate their credit use transparently.
The VCM is not dead — it is maturing. The market for high-integrity credits (engineered carbon removal, verified cookstove programmes, high-quality nature-based solutions) is growing even as low-quality credits are rightly being discredited.