VCMI Executive Director responds to new SBTi Standard
Commenting on the Science Based Targets initiative’s (SBTi) new Corporate Net-Zero Standard Version 2.0, Mark Kenber, VCMI’s Executive Director said:
“By recognizing the role of market-based instruments, the new standard will reassure companies that the world’s leading standard-setter for corporate climate action values investment in carbon credits. It draws meaningfully on the work of VCMI to define best-practice corporate use of carbon credits to address ongoing emissions. It is essential that SBTi continues to build on the work of others across the world of corporate climate action, including the ICVCM’s Core Carbon Principles, to increase alignment and drive clarity for businesses.
“However, SBTi stops short of creating a meaningful incentive for businesses to invest in high integrity carbon crediting projects now. Without a stronger signal, important opportunities to reduce and remove emissions will be lost and the market won’t be ready when it’s needed. VCMI’s work, driven by deep consultation across a wide range of stakeholders shows that carbon finance is needed and can be used to increase overall ambition and accelerate short-term action.
“Governments, too, are increasingly strengthening political and regulatory signals that support credible action on ongoing emissions and greater corporate participation in high-integrity carbon markets. We’re pleased SBTi has opened the door to recognizing companies that purchase carbon credits and stand ready to continue working with them to give businesses the confidence to act now.”