IC-VCM Compliance
The ORMEX’s conformance with The Core Carbon Principles (CCPs) articulated by the Integrity Council for the Voluntary Carbon Market underscores its unwavering commitment to upholding transparency, precision and ethical standards.
Additionality
Embracing the tenet of Additionality, ORMEX ensures that carbon credits authentically represent emissions removals and reductions that would not have occurred in the absence of the intervention of the Project.
Climate additionality
Climate additionality refers to the concept of measuring the additional climate benefits achieved through a project or activity compared to a business-as-usual scenario. It is a fundamental criterion for the creation of carbon offsets, which are used to compensate for greenhouse gas emissions.
Financial additionality
Financial additionality refers to the financial support provided to a carbon offset project that enables it to achieve emission reductions or removals that would not have otherwise occurred. Financial additionality ensures that the funding from carbon credits is necessary for the project's implementation and sustainability.
Regulatory additionality
The project needs to demonstrate that it is not required by mandatory regulations or legal requirements to implement the specific environmental actions being taken. Compliance with mandatory regulations might imply that the project's actions are not truly additional, as they are legally required.
Barrier additionality
Barrier additionality refers to the identification of potential barriers that would prevent the implementation of a carbon reduction project without additional financial or technical assistance. These barriers may include legal, social, technological, or ecological factors. The IPCC also includes a similar concept in its definition of additionality, referring to the identification of barriers that would prevent the project from being implemented under “business-as-usual” circumstances.
Other IC-VCM principles compliance
Safeguards
This robust framework safeguards against double-counting effectively and advances the overarching principles set forth by the Integrity Council.
All projects are asked to assess the deforestation rate and within the Project area 10 years prior to the project start date and conservatively remove the impacted surfaces from the calculation of carbon credits.
For more information on other Safegard principals, consult ORMEX Standard.
Permanency and Liability
Additionally, ORMEX strongly aligns with The Core Carbon Principles of "Permanency and Liability". This principle underscores the paramount importance of preserving carbon removals over the long term and assuming responsibility for any potential reversals. The standard's rigorous verification and diligent tracking mechanisms serve as steadfast safeguards, assuring the permanence of carbon removals while demonstrating a profound commitment to addressing any prospective reversals. In this manner, ORMEX underscores its dedication to permanence and liability, echoing the principles of accountability and integrity championed by the Integrity Council.
Stakeholder Consultation and Grievance Mechanisms
Moreover, ORMEX’s compliance with The Core Carbon Principles is demonstrated in its unwavering commitment to "Stakeholder Consultation and Grievance Mechanisms." By actively engaging with stakeholders and establishing robust mechanisms for addressing concerns or grievances, ORMEX not only enhances its credibility but also aligns with the principles of equity and fairness advocated by the Integrity Council for the Voluntary Carbon Market. This commitment to transparency and inclusivity ensures that the interests of all affected parties are thoughtfully considered, embodying the highest standards of ethical practice within the carbon market.
