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Global initiative aims to bring transparency to voluntary carbon markets
(Reuters, 29 Jul 2021) Demand for carbon credits is expected to grow rapidly over the next few years as countries and companies strive to meet climate targets but standards and approaches differ.
A global initiative was launched on Thursday to bring transparency and rigour to the voluntary carbon market that is expected to grow rapidly over the next few years as countries and companies strive to meet climate targets.
Offsets, generated through emission reductions such as planting trees or switching to less polluting fuels, currently trade in a voluntary market, often on a project-by-project basis with different standards and approaches.
The Voluntary Carbon Markets Integrity Initiative (VCMI) aims to ensure carbon offsets are underpinned by real actions to reduce greenhouse gas emissions and help developing countries access climate finance generated by the market.
It is sponsored by Britain and the philanthropic Children's Investment Fund Foundation, and has the backing of several governments including the United States.
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Reuters, 29 Jul 2021: Global initiative aims to bring transparency to voluntary carbon markets
