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Second wave of CCP labels focus on renewables

Second wave of CCP labels focuses on renewables

  • George Goodman
    Senior Scientist, Ratings Innovation
  • Dr Kirti Ramesh
    Senior Director, Ratings Innovation
6 August 2024
  • Markets and Policy
  • Ratings

Here are some key takeaways

  • The ICVCM has rejected all renewable energy methodologies assessed for CCP eligibility. This covers both large and small-scale grid-connected methodologies, as well as mini-grid and off-grid methodologies. 

  • The ICVCM’s rejection of these methodologies does not come as a surprise. BeZero has already rated 123 renewable projects, of which the majority are rated ‘B’ and ‘C’ and 90% face ‘significant risk’ to additionality. Today’s announcement renders 105 of these projects ineligible for the CCP label. 

  • The ICVCM also added one methodology, AM0023, for Industrial Methane Emissions to its approved methodologies, bringing the number of BeZero Carbon-rated projects now eligible for the CCP label to nine, with these projects ranging from ‘BBB’ to ‘BB’ ratings. These nine projects lie in two sub-sectors: Landfill Gas and Industrial Methane Emissions. 

  • Nevertheless, the energy sector is responsible for a third of VCM credits by issuance to date and project-based ratings offer a useful tool for discerning their full spectrum of quality.

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