Methodologies are applied to establish a standardized and transparent approach to measuring, reporting, and verifying climate projects. These methodologies provide a consistent framework for assessing the environmental integrity of climate projects

Generally, GHG programs provide robust methodologies for the implementation of climate projects that projects need to conform to for eligibility under the GHG program. Approval of new methodologies follows a strict process that ICR provides. Methodology development and recognition under GHG programs can however delay implementation and decelerate scaling of climate action where solutions cannot utilize VCMs to support the implementation of impactful solutions. There is a need for an effective and progressive response to the urgent threat of climate change based on the best available scientific knowledge. At the same time, there's a call for the standardization of VCMs to enhance comparability and consistency.

ISO is an independent, non-governmental international organization with a membership of 167 national standards bodies. ISO brings together experts to share knowledge and develop voluntary, consensus-based, market-relevant international standards through its members. International organizations, governmental and non-governmental, in liaison with ISO, take part in the work of developing standards. Standards are developed by sector-specific experts. ISO produces documents supporting scientific knowledge transformation into tools that will help address climate change. ISO standards, therefore, support innovation and provide solutions to global challenges such as climate change. ISO 14064-2 provides principles and requirements for determining baselines, and monitoring, quantifying, and reporting of project emissions. It focuses on GHG projects or project-based activities specifically designed to reduce GHG emissions and/or enhance GHG removals.

To provide a platform for climate actions that haven't a go-to approved methodology and support accelerated deployment of prominent climate solutions, ICR allows registration of projects that conform to ISO 14064-2 and the requirements herein, providing them with access to VCMs with the issuance of carbon credits prior to methodology approval.

The ICR methodology approval process offers project proponents a pathway for developing new methodologies when no existing methodology addresses their needs or can be applied to their climate solutions or they need minor revisions. The methodology approval process includes that proposed methodologies validated by a validation/verification body accredited for ISO 14065 are reviewed by ICR for consistency and completeness and approved by the ICR board.