ICVCM Core Carbon Principles
The Integrity Council
The Integrity Council for the Voluntary Carbon Market (ICVCM) is multi-stakeholder led independent governance body. It establishes and maintains the highest standards off ethics, sustainability, and transparency for the global voluntary carbon market.
ICVCM enables a high-integrity voluntary carbon market that contributes to the goals of the Paris Agreement and the UN's Sustainable Development Goals (SDGs). by setting and enforcing a global benchmark for high-quality carbon credits - the Core Carbon Principles.
Core Carbon Principles
Governance
1. Vital Eco projects have effective program governance to ensure transparency, accountability, continuous improvement, and the overall quality of carbon credits.
2. We utilize the CarbonPath registry to uniquely identify, record, and track mitigation activities and carbon credits issued to ensure credits can be identified securely and unambiguously.
3. Vital Eco provides comprehensive and transparent information on all credited mitigation activities. The information will be publicly available on www.vital.eco and www.carbonpath.io and are accessible to the public to enable scrutiny of activities.
4. VitalEco as program-level requirements for robust independent third-party validation and verification of mitigation activities by ALL Consulting, an oil and gas industry expert with multiple certifications as well as state agency inspection after plugging is completed.
Emissions Impact
5. VitalEco methane emission reductions are focused on orphan wells that pass additionality requirements, i.e., they would not have occurred in the absence of the incentive created by carbon credit revenues.
6. VitalEco methane emission reductions from orphan well plugging is permanent or, where there is a risk of reversal, there are measures in place to address those risks and compensate reversals.
7. Our projects are selected based on their support of multiple UN SDG goals for positive social, environmental, and biodiversity impacts. The measurement processes adhere to CarbonPath methodology requirements and are robustly quantified prior to plugging based on conservative approaches, completeness and scientific methods.
8. VitalEco emission reductions are registered and retired tonne-by-tonne on the CarbonPath blockchain, visible to the public to ensure no double counting, issuance, claiming, or use.
Sustainable Development
9. Our projects use Qualified Measurement Specialists who are employed locally with state-approved plugging companies, utilizing American Petroleum Institute (API) standards. Projects are safeguarded and only deemed compliant once state-issued Inspection Reports are publicly available.
10. VitalEco conducts multiple pre-plugging and post-plugging emission validations to ensure conservative calculations and certainty using industry-standard equipment and well-proven science required to ensure compliance with state regulations and oversight, contributing to net zero transition.
