VCMI plans consultation on updated Scope 3 proposal
Quantum Commodity Intelligence – The Voluntary Carbon Markets Integrity Initiative (VCMI) will hold a public consultation later this year on a updated version of its proposed 'claim' for Scope 3 value-chain greenhouse gas (GHG) emissions, including using a limited role for carbon credits.
VCMI, one of the two main 'meta-standards' in the VCM that aims to become the main benchmark for demand in the market, said the consultation will run from September 2 to October 7.
"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," VCMI said in a statement.
"These are emissions that would otherwise not be accounted for or addressed by companies."
Areas covered by the consultation include the core methodology for the claim, guardrails to ensure use of the claim drives more GHG mitigation and prevents so-called 'greenwashing', and approaches to address gaps in Scope 3 emissions.
For many companies, Scope 3 emissions account for the vast majority of their GHG discharges and are the most difficult for entities to account for and cut as they rely on data from other organisations in a businesses' value chain.
However, companies are increasingly under pressure from shareholders and green groups on companies to deal with Scope 3 emissions given the latter's impact on the climate.
VCMI said the consultation on the plans, which includes shortening its name from 'Scope 3 Flexibility Claim' to 'Scope 3 Claim', is part of the wider development process that is expected to be completed in the first quarter of next year.
"Inviting feedback on an updated version of the Scope 3 Claim, the process will help build on and strengthen existing requirements and guardrails to finalise the claim and ensure that it maintains high standards of integrity, while also being practical to potential corporate adopters," it said in the statement.
VCMI said it hoped the claim, when finalised, will "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".
Mark Kenber, executive director at VCMI, said: "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."
VCMI added that the process will also involve input from its Expert Advisory Group and Stakeholder Forum Group, in addition to formal approval and oversight by its Steering Committee.
VCMI outlined a 'beta version' of the Scope 3 claim in November last year that was subject to an earlier consultation that received input from over 150 organisations.
At COP28, in Dubai, VCMI unveiled a high-level collaboration on "high-integrity carbon credits" with, among others, the Integrity Council for the Voluntary Carbon Market and the the main standard of measures taken by companies in reducing their greenhouse gas emissions, the Science Based Targets Initiative.
