Decarbonisation First
Businesses should first minimize their own greenhouse gas emissions across all three scopes (Scope 1, 2, and 3). Carbon credits should only be used as a complement to verified emission and not as a substitute. Businesses must have a time-bound transition plan and an independently verified net-zero pathway that complies with the Paris Agreement.
Use of High-Integrity Carbon Credits
Businesses must make sure that the carbon credits they buy comply with Article 6.4 requirements and have been authorized by the Integrity Council for Voluntary Carbon Markets (ICVCM) Core Carbon Principles. This guarantees that the credits reflect genuine, additional, permanent, and independently verified emission reductions or removals.
The charter requires separate and transparent reporting of gross emissions and any carbon credit utilization, encouraging transparency and accountability in business climate reporting. This is in line with global best practices, including the Voluntary Carbon Markets Integrity Initiative (VCMI) guidelines.
Seventeen companies have already signed the pledge, which indicates strong corporate support for high-integrity climate action. During the ChangeNOW Summit, the immediate need of taking urgent climate action together with internal decarbonization was stressed. It was also pointed out that carbon credits should speed up and complement operational change, not substitute it.
Minister Agnès Pannier-Runacher emphasized the need for global cooperation and business participation in funding high-impact projects in emerging economies. She also urged companies to take an active role in establishing a credible, inclusive, and economically efficient carbon market which supports their decarbonization efforts.
France has already achieved considerable progress in lowering greenhouse gas emissions, with a 31.2% decrease between 2005 and 2023. However, the challenges are still there, most importantly the reduction of natural carbon sinks like forests and land by over half in the same time frame. France needs to lower emissions by approximately 5% per year and rebuild its carbon sink to achieve EU's ambitious goal of a 55% net reduction in emissions by 2030
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France's charter sends a strong message to the international carbon market: carbon credits are not a "free pass" but an instrument to supplement verified emission reductions. By insisting on alignment with high-integrity standards and transparent corporate commitments, France seeks to enhance the credibility and effectiveness of voluntary carbon markets globally.
