New VCMI Code Offers Blueprint for Closing the Scope 3 Emissions Gap

Companies struggling to manage the full extent of their carbon footprint just got a clearer roadmap. The Voluntary Carbon Markets Integrity Initiative (VCMI) has rolled out a new Code of Practice to help businesses tackle their Scope 3 emissions—the indirect emissions that occur across the value chain and are often the hardest to control.

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Known as the Scope 3 Action Code of Practice, the framework guides organisations in pinpointing the gaps in their emissions strategies. It also encourages transparency about roadblocks to progress and outlines how high-quality carbon credits can be used to support emissions reductions without replacing direct action.

In a statement, VCMI stressed that many companies are falling short of their climate goals. ‘Corporate Scope 3 emissions are not being reduced at the pace or scale needed,’ the organisation warned. Data from MSCI Carbon Markets backs this up: in 2023, the global Scope 3 gap reached 1.4 billion tonnes of CO₂ equivalent, a number that could balloon to 7 billion tonnes by 2030 if left unaddressed.

To maintain credibility, the code sets firm guardrails around the use of carbon credits. These must meet strict quality criteria and be used only to supplement—not substitute—internal emissions cuts. VCMI also sets 2040 as the deadline for companies to overcome existing obstacles and realign with their decarbonisation goals.

The launch also includes the Scope 3 Action Challenge, an open invitation for businesses and NGOs to commit to action. Founding backers include influential players such as the International Chamber of Commerce, The Nature Conservancy, and the We Mean Business Coalition.

Alongside the new framework, VCMI has revised parts of its Claims Code of Practice. The updates allow companies to use national GHG inventories that align with the Greenhouse Gas Protocol and adjust the guidance on near-term net-zero targets—without forcing firms into public pledges.