The Claims Code seeks to ensure the integrity of voluntary carbon markets to support achievement of the Paris Agreement goals.

By Jean-Philippe Brisson, Paul A. DaviesSarah E. ForttBetty M. Huber, Alicia Robinson, and Deric Behar

The Voluntary Carbon Markets Integrity (VCMI) Initiative is “a multi-stakeholder platform to drive credible, net-zero aligned participation in voluntary carbon markets.” The VCMI Initiative, for which the UK government announced its support in March 2021, is co-funded by the Children’s Investment Fund Foundation and the UK Department for Business, Energy, and Industrial Strategy. A central objective of VCMI is to issue guidance for companies and other non-state actors on how carbon credits can be voluntarily used and claimed as part of credible net zero decarbonization strategies. To further this objective, VCMI published for public consultation a Provisional Claims Code of Practice (Claims Code) on June 7, 2022.

If adopted, the Senate bill would require large US companies doing business in California to report Scopes 1, 2, and 3 emissions as of January 2024.

By Jean-Philippe Brisson, Marc T. Campopiano, Jennifer K. Roy, Joshua T. Bledsoe, Julie Miles, and Alicia Robinson

The California Legislature is considering a bill to impose corporate sustainability reporting requirements that would substantially expand corporate greenhouse gas (GHG) emissions reporting obligations and, according to the bill’s co-author, impact “the vast majority of the country’s largest corporations, who almost all conduct business in California.” If adopted, Senate Bill 260 (SB 260) would establish a first-of-its-kind mandatory GHG emissions reporting framework requiring regulated entities to report all emissions “scopes,” including Scope 3 emissions (discussed below). The bill could also have impact well beyond California given the state’s ambitious climate policies and the number of large companies that do business in California.