VCMI welcomes U.S. backing of high-integrity voluntary carbon markets
28 May 2024, London – The United States (U.S.) Government has today taken a decisive step in advancing high-integrity voluntary carbon markets. The Voluntary Carbon Markets Joint Policy Statement and Principles (Principles), released today, are aligned with VCMI’s Claims Code of Practice (Claims Code) , and will help the voluntary carbon market realize its full potential. Companies must now use the Claims Code to increase the pace and scale of climate action.
The Claims Code enables companies to transparently and credibly use high-quality carbon credits as part of their net-zero transitions. It also provides a framework for governments to develop effective policy and brings confidence to the wider market.
Speaking at a launch event for the Principles, United States Secretary of the Treasury Janet Yellen described how “multi-stakeholder groups like the ICVCM and VCMI are working to raise integrity standards.”
Today’s move from the U.S. sends a clear signal to governments and businesses across the world. It builds confidence in high-integrity VCMs and will in turn grow the market. High-integrity voluntary carbon markets can put extra investment to work that will otherwise remain untapped. A growing market could channel additional climate finance, increasing to a size of over $50 billion by 2030. The move by the US will boost overall participation and unlock investment.
“We must seize every opportunity to reduce emissions today. Clear direction from governments gives companies confidence to act,” said Mark Kenber, Executive Director of VCMI, who spoke on-stage during the launch event. “This is exactly what the United States is providing. The Principles are fully compatible with VCMI’s Claims Code, which gives companies a standard they can use now to engage in voluntary carbon markets and make verified claims.”
Today’s announcement sets a precedent for countries. This comes as VCMI’s standards are receiving strong recognition by governments around the world. Ministers from Kenya, the UK, the US, Ghana, Japan, and Finland, among others, have to date endorsed and supported the Claims Code.
VCMI will continue to work with policymakers, both in the US and globally, to drive integrity in voluntary carbon markets, delivering benefits for people and the planet.