The Claims Code of Practice is a rulebook from the Voluntary Carbon Markets Integrity Initiative (VCMI) on how companies can make use of carbon credits as part of their net zero and decarbonisation plans and then make credible claims about their actions.
The Claims Code was fully launched in November 2023. Using the code companies can make Silver, Gold or Platinum claims based on their use of high-quality carbon credits.
For a company to make a Silver claim it needs to purchase and retire high-quality credits in an amount equal to or greater than 20% and less than 60% of its remaining emissions once it has demonstrated progress towards its near-term emissions reduction targets.
A Gold claim requires the purchase and retirement of high-quality carbon credits in an amount equal to or greater than 60%, and less than 100%, of a company's remaining emissions once it has demonstrated progress towards its near-term emissions reduction targets.
A Platinum claim requires the purchase and retirement of high-quality carbon credits equal to or greater than 100% of remaining emissions.
In February 2024 Bain & Company became the first organisation to make a claim – at the platinum level – under the claims code.