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EKI Energy Welcomes ICVCM's Approval of High-Integrity Carbon-Crediting Methodologies

These methodologies, now bearing the high-integrity CCP label, account for an estimated 27 million carbon credits from projects that mitigate potent greenhouse gases by capturing methane from landfill sites and eliminating ozone-depleting substances (ODS) from discarded equipment such as refrigerators and air conditioners.

June 11, 2024. By News Bureau

EKI Energy Services Ltd. applauds the Integrity Council for the Voluntary Carbon Market's (ICVCM) recent approval of the first carbon-crediting methodologies that meet its stringent Core Carbon Principles (CCPs). This milestone represents a significant advancement in ensuring the integrity and effectiveness of carbon credits within the voluntary carbon market (VCM).

In the third instalment of its ongoing assessment series, the Integrity Council has endorsed seven carbon crediting methodologies. These methodologies, now bearing the high-integrity CCP label, account for an estimated 27 million carbon credits from projects that mitigate potent greenhouse gases by capturing methane from landfill sites and eliminating ozone-depleting substances (ODS) from discarded equipment such as refrigerators and air conditioners.

The ICVCM's announcement aligns with the Biden-Harris Administration's new principles for high-integrity voluntary carbon markets. While Voluntary Carbon Markets (VCMs) can significantly combat climate change, they face challenges in maintaining the integrity and credibility of carbon credits. Discrepancies in crediting methodologies have raised concerns about transparency and accountability. Such significant moves by leading Governments and institutions address these issues and ensure market integrity.

Similarly, the Indian government has been proactive in addressing climate change. The Energy Conservation (Amendment) Act of June 2022 empowered regulators to develop policies for a national emission trading system. In 2023, India launched the Carbon Credit Trading Scheme (CCTS) for compliance and voluntary sectors. The June 2023 amendment included the Offset Market, allowing non-obligated entities to participate and opening new opportunities for decarbonization projects. Although specific standards for VCM credits are still being defined, India's progress is commendable.

Manish Dabkara, Chairman & MD of EKI Energy Services Ltd. (EKI), said, "The approval of these high-integrity carbon crediting methodologies by the Integrity Council is a monumental step forward for the voluntary carbon market. At EKI, we believe that robust standards and transparent practices are essential for driving meaningful climate action. We are proud to support the Integrity Council's efforts and look forward to contributing to a sustainable and resilient future."

The Core Carbon Principles set a high bar for integrity and the CCP label is designed to help buyers identify carbon credits that meet our rigorous standards. Governments increasingly recognise that a high-integrity VCM can play a key role in scaling up private sector finance for high-quality projects to reduce emissions and remove carbon from the atmosphere.

Additionally, 27 categories of carbon credits, representing over 50% of the market, remain under active assessment. This includes methodologies addressing landfill gas (covering an estimated 76 million issued credits) and ODS (covering an estimated 4 million issued credits). Multi-stakeholder assessments of widely used carbon credit types, including REDD+ (Reducing Emissions from Deforestation and Forest Degradation), Jurisdictional REDD (JREDD) and clean cookstoves, are also underway and expected to conclude in the coming months.

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