A significant new initiative, launching today, will focus on improving the integrity of voluntary carbon markets to help ensure they play a credible role in keeping global warming to 1.5C.
With voluntary carbon markets poised to grow exponentially this decade, the Voluntary Carbon Markets Integrity Initiative (VCMI) aims to help ensure that credibility concerns are addressed so that these markets fulfil their potential to support the goals of the Paris Agreement. VCMI will do this by working on a number of critical gaps in voluntary carbon market integrity – building solid foundations as the market scales.
The initiative has been launched with co-funding by the UK Government and Children’s Investment Fund Foundation, and is supported by the COP26 Presidency and United Nations Development Programme. The move has been welcomed by civil society and business groups, and governments including Germany, Cambodia, Ghana, Democratic Republic of the Congo, Kenya, and two Mexican states, alongside the US Special Presidential Envoy for Climate.
VCMI’s Consultation Report can be downloaded here and their global launch, which will take place at 1pm BST on Thursday 29 July, can be viewed here.
Wilton Park reference numbers: WP1967V