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illuminem summarizes for you the essential news of the day. Read the full piece on Carbon Credits or enjoy below:
🗞️ Driving the news: Verra’s cookstove carbon credit methodology has received approval from the Integrity Council for the Voluntary Carbon Market (ICVCM), affirming its credibility and scientific rigor
• This certification ensures that cookstove projects produce real, measurable emissions reductions and enhance lives worldwide
• The methodology aligns with Article 6 of the Paris Agreement and CORSIA, boosting confidence in voluntary carbon markets
🔭 The context: The ICVCM’s Core Carbon Principles (CCPs) set strict quality benchmarks for carbon credits, which Verra’s methodology now meets
• Cookstove carbon credits focus on fuel efficiency (reducing fuel use) and fuel switching (transitioning to cleaner energy sources)
• Verra’s VM0050 methodology integrates the latest scientific advancements and best practices in clean cooking solutions
🌍 Why it matters for the planet: Cookstove projects reduce CO₂ emissions, lower deforestation rates, and promote clean energy access in underserved regions
• If globally adopted by 2030, clean cooking solutions could prevent 1.5 gigatonnes of CO₂ emissions—equal to removing 350 million cars from the roads
• These projects also protect forests, with 225 million hectares potentially saved
⏭️ What's next: ICVCM’s approval enhances trust in cookstove carbon credits, making them more attractive for corporate ESG investments
• Verra and Gold Standard’s methodologies will set the benchmark for high-quality carbon offset projects
• Meanwhile, the voluntary carbon market is tightening regulations to eliminate low-integrity credits.
💬 One quote: "Today’s approval by the ICVCM is a defining milestone for clean cooking projects and the voluntary carbon market" — Mandy Rambharos, CEO of Verra
📈 One stat: Cookstove projects have issued over 150 million carbon credits (tCO₂e) since 2009, significantly reducing emissions
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