IN FOCUS: Amy Merrill on the ICVCM and the Evolution of Carbon Markets Governance
In this episode of the Navigating Net Zero: In Focus mini-series on Developments in Climate Standards & Guidance, Alexia Kelly is joined by Amy Merrill, CEO of the Integrity Council for the Voluntary Carbon Market (ICVCM). Amy outlines how the independent governance body is creating an auditable, regulatory-style floor for credit quality through its Core Carbon Principles (CCPs). They unpack the mechanics of ICVCM's "double-tick" framework – evaluating both program governance and project-level quantification methodologies – to explain how 13 CCP-eligible programs representing 96% of the market are now providing comparable, high-integrity carbon credits to institutional buyers and corporate procurement teams.
Highlights from the Discussion:
- The Mechanics of the "Double-Tick" Assessment: Amy breaks down how ICVCM evaluates carbon registries on governance, transparency, and grievance handling (Tick 1) alongside methodology-specific assessments of additionality, conservative baselines, and reversal risk (Tick 2).
- Pre-Market Conditioning and Governance Reform: How publishing strict threshold requirements has driven carbon crediting programs to proactively upgrade their internal governance and risk management frameworks before undergoing formal review.
- Continuous Improvement and the Rule Architecture: An inside look at how stakeholder-led Continuous Improvement Work Programs (CIWPs) and the new Rule Architecture allow the ICVCM to clarify, interpret, and deepen quality standards over time without stranding market investments.
Creators and Guests
Host
Alexia Kelly
Alexia Kelly has worked for more than 18 years at the intersection of policy and finance to address the climate crisis. Alexia is the Managing Director of the Carbon Policy and Markets Initiative (CPMI) at High Tide Foundation. The CPMI accelerates ambitious climate action and capital mobilization through robust rules and guidance for voluntary corporate action and disclosures, and building the next generation of high-integrity carbon and environmental services markets. She currently serves on the Board of the Integrity Council for Voluntary Carbon Markets (IC VCM) and the Board of the Advanced and Indirect Mitigation Initiative, as well as on the Expert Advisory Group of the Voluntary Carbon Markets Integrity Initiative (VCMI). Prior to joining High Tide Foundation, she served as Director of Net Zero + Nature at Netflix, where she led the company’s inaugural greenhouse gas inventory, renewable energy strategy, Science Based Target and global carbon credit portfolio. Previously, she worked at the U.S. Department of State, where she served as lead negotiator to the UNFCCC on Article 6 of the Paris Agreement. She has also held senior roles at the World Resources Institute, The David and Lucille Packard Foundation, The Climate Trust, and in private equity.
Guest
Amy Merrill
Amy Merrill is the Chief Executive Officer of the Integrity Council for the Voluntary Carbon Market (ICVCM), the independent global governance body that sets and enforces threshold quality standards for the independent carbon markets. Between 2011 and 2021, Amy led the UNFCCC support to the development of Article 6 of the Paris Agreement, leading negotiations and drafting that resulted in adoption of the Article 6 implementing rules at COP26 (2021). Amy was also the senior lawyer at UNFCCC for the Kyoto carbon mechanisms and the Kyoto Protocol and Paris Agreement compliance committees. Before UNFCCC, Amy was a leading carbon and climate finance lawyer in the City of London, working with MDBs and investment banks. After UNFCCC, Amy was senior legal counsel at a natural capital asset manager and then worked as interim COO at ICVCM on secondment from the Center for Climate and Energy Solutions (C2ES). Amy is a qualified UK lawyer with more than 20 years of experience.
Producer
Matt Jordan
Matt Jordan is a Director within the High Tide Foundation’s Carbon Policy and Markets Initiative (CPMI). Matt has been working in climate action for more than 15 years, and has a long track record of envisioning, developing and scaling innovative programs and financing tools that deliver lasting global impact. Matt built CLASP’s Clean Energy Access program from a single small project to an integrated portfolio of technical, research, and market stimulation programs with a coherent, issue-defining theory of change and a global team of more than 20. He co-founded Propel Clean Energy Partners, a consulting firm with clients such as the World Resources Institute, the Rockefeller Foundation, the Children’s Investment Fund Foundation, and the Asian Development Bank. Following their acquisition of Propel’s work and team, Matt served as a Director in RMI’s Global South portfolio and led their global clean energy workforce development initiative. He holds a BA in Philosophy from Colgate University, a Master’s in Public Policy Analysis from the University of California, and a Professional Certificate in Financing and Deploying Clean Energy from Yale University.
