The main purpose of this thesis is to explore the relationship between best practice adherence and the ownership status of an eco-labeling organization. The research question that is aiming to answer is what key factors most often explain differences in the level of credibility between for-profit carbon management eco-labels and not-for-profit carbon management eco-labels in transnational environmental governance. The case studies of interest are the two certification agencies Verra and The Carbon Reduction Institute. The issue of credibility of eco-labeling schemes will be looked through a Green IR theoretical perspective and debunked with Neoliberal IR theory. The methods which will be used are Small-N comparison and Qualitative Content Analysis conducted through Index for Best Practices. The data for the study is acquired from the online platforms of the two case studies for investigation.