Established as the leading platform for discussions on climate change and the carbon market in Brazil, the Brazilian Climate and Carbon Conference brings together representatives from government, the private sector, civil society, the scientific community, and financial institutions to foster dialogue, align strategies, and unlock solutions in light of the regulation of the Brazilian Emissions Trading System (SBCE) and the opportunities presented by COP30 in Belem.

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With nearly 40 countries and 150 corporations represented, including 12 national governments, the message was clear: the building blocks of reform are in place, and we must now remove barriers to scale high-integrity voluntary carbon markets as a critical tool for climate action. 

As co-convening organizations, we are working to deliver essential market integrity and infrastructure initiatives.  

VCMI’s Claims Code of Practice ensures integrity on the demand side of the market, providing essential guidance meaning that companies use carbon credits in addition to – not instead of – decarbonization and can make credible claims.  

ICVCM’s Core Carbon Principles ensure integrity on the supply side of the market, meaning that carbon credits represent real, verified GHG reductions and removals, and apply robust environmental and social safeguards.  

GCMU is establishing the infrastructure required to scale a trustworthy carbon market — including data transparency and management, contracts, audits, verification, and dispute resolution, enabling financial intermediaries to enter the market, provide finance to projects, and take on potential risk. 

Throughout VCM Day, sessions spanned topics from the role of market-based instruments in addressing Scope 3 emissions, to how carbon finance can accelerate a just energy transition, to the role of Indigenous People in the reform of the voluntary carbon market. 

The participation of governments, businesses, Indigenous Peoples, NGOs, academics, buyers, sellers and market makers underscored a shared commitment to delivering a high-integrity market as a critical tool to drive real-world climate action.

The day also spotlighted several new developments for VCMs, including: 

• VCMI’s partnership with Africa Carbon Markets Initiative (ACMI) to transform and scale up carbon markets across Africa 

• The LEAF Coalition’s $180 million agreement to protect Amazonian rainforest in the Brazilian state of Pará 

• The UK Government’s announcement that it will consult on reforms designed to strengthen the market 

As VCMI Steering Committe Chair Usha Rao-Monari pointed out, a well-functioning market can channel climate funds that would otherwise remain untapped; a growing market could channel an additional $50 billion in finance by 2030. Delivering this market is necessary “for the people and planet to have a future.” 

Jennifer Morris, CEO of The Nature Conservancy, added: “The VCM is not just for conservation, or for communities — it’s also because we truly believe it’s a critical tool in the toolbox to achieve global climate goals.” 

To mobilize this finance, we heard how governments can promote market growth by aligning with standard setters to give consistent direction and support to companies so that they can use carbon credits with integrity. We heard how Indigenous leadership must be central to ensuring markets are fair and just, as key stakeholders who preserve 80% of the world’s biodiversity. We also heard how novel technologies, data, and modelling are being used to enhance market transparency at scale – providing buyers of credits with the reassurance that their investments are sound. 

Sam Israelit, Chief Sustainability Officer at Bain & Co., said VCMI’s Carbon Integrity Claims and ICVCM’s Core Carbon Principles “provide independent, external validation that what [Bain & Co.] is doing is consistent with best practice,” which “helps us build credibility.” He continued, “that’s a critical part of any company’s carbon credit strategy: trust and validation.” 

In a conversation with former VCMI Steering Committee Co-Chair and newly appointed UK Special Representative for Climate Rachel Kyte, Tariye Gbadegesin, CEO of Climate Investment Funds, emphasized that integrity is “fundamental” to a functioning market – and with the building blocks of reform underway, what she hopes for at next year’s Climate Week is “carbon markets back in play – big time.” 

We at VCMI are committed to building this market – one that is locally anchored, globally connected, and operates with the utmost integrity – and look forward to continuing this vital work together.  

For updates, you can sign up to our newsletter, follow us on LinkedIn, and check our website frequently for ways to get involved with our Scope 3 Claim, Access Strategies Program, and other market integrity initiatives. 

Read our VCM Day report for an inside look at the event: 

VCM Day Report

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There is no better person to lead the UK’s efforts on climate diplomacy and forge efforts to tackle the dual climate and nature crises. Her role will focus on coordinating the UK’s relations with other donor countries, as well as building relationships with developing economies in the Global South.

In an interview with The Guardian, Rachel said: “This government is committed to reconnecting the UK to the world with climate action as a priority. And the world is being shaped politically and economically by climate change. This provides an opportunity to use international action to help deliver on the UK’s energy mission. And it provides challenges, not least in mobilising the financing to protect people and drive greener growth. There is no time like now for the UK to help drive action and I am excited to play my part in this new role.”

Learn more

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New York, NY (September 6, 2024) – Today, the Integrity Council for the Voluntary Carbon Market (ICVCM), the Global Carbon Market Utility (GCMU), and the Voluntary Carbon Markets Integrity Initiative (VCMI) announced they will be co-hosting Accelerating Climate Action: Delivering High-Integrity Carbon Markets, an event on September 25 in New York during Climate Week focused on showcasing the reforms and actions necessary to increase the impact of voluntary carbon markets. 

Michael R. Bloomberg, UN Secretary-General’s Special Envoy on Climate Ambition and Solutions said: “Voluntary carbon markets have the potential to help us move faster in the fight against climate change, but only if they operate with integrity and transparency. By working across the public, private, and nonprofit sectors, this group can help bolster confidence in these markets, which will help build stronger economies and healthier communities.”

Mark Carney, UN Special Envoy on Climate Finance and Action and co-chair of GFANZ said: “Voluntary carbon markets can play a critical role in accelerating climate action and financing the transition to a net zero economy. But they will only fulfill their potential if they have supply, demand, market and social integrity. The inaugural VCM Day brings together organizations developing standards and infrastructure to ensure the market increases the pace of emissions reduction and investment flows to developing nations in need of capital. Now is the time to create a globally integrated, high-integrity carbon market.”

Amy Merrill, CEO, ICVCM said: “We are in a climate emergency and need to use every tool available to reduce and remove emissions and we must unlock climate finance flows. We are leading the way in delivering the  high integrity, reformed voluntary carbon market that can unlock the vital private climate finance that would not otherwise be deployed. This event highlights the important progress that has been made in recent months and outlines the path ahead on our shared mission to incentivise and enable the private sector to help meet our global climate goals.”

Mark Kenber, Executive Director, VCMI said: “Most businesses recognize the imperative to act on their carbon emissions now, and many are ready to step up and deliver ambitious, rapid action, with decarbonization of operations and supply chains as the top priority. But with a robust claims framework and high-quality supply of carbon credits, companies can be supported to go even further and faster. This event is the moment for all of us to step up and harness the power of a high integrity voluntary carbon market for increased climate action, and to support resilient, sustainable low carbon growth throughout the world.” 

Chris Canavan, CEO, GCMU said: “To achieve our collective net-zero goals, we must marshal tens of billions of dollars in climate finance. Carbon markets are a critical tool for helping us get there, but they are too small and ineffective today. They must grow by orders of magnitude, and for that they need the right guardrails and market infrastructure to deliver transparency and accountability across supply and demand and in the marketplace. This event will bring together the critical stakeholders from across sectors and geographies to chart a pragmatic path towards scaling the market with integrity.”

Supported by Bloomberg Philanthropies, Accelerating Climate Action: Delivering High-Integrity Carbon Markets will bring together corporate executives, government ministers and senior officials, investors, Indigenous Peoples and local communities, civil society, project developers, and voluntary carbon market specialists to address the critical role of voluntary carbon markets (VCMs) in bridging the gap between the goals of the Paris Agreement and the current trajectory of global greenhouse gas emissions. The event will also focus on the integral role of Indigenous Peoples and Local Communities and Global South business and governments in shaping and driving sustainable, high-integrity carbon markets. The day will be an opportunity to debate the issues, discuss progress, and set a path for continuous improvement and increased impact. 

Time is running out to limit global temperature rise to 1.5°C, and VCMs are a critical tool that must be used to effectively address and reduce global emissions in time to avoid the worst effects of climate change. When used with integrity, high quality carbon credits provide companies and organizations an opportunity to mitigate emissions in addition to direct reductions in their own value chains while channeling vital climate finance to projects that will deliver both immediate and long-term emissions reductions. To maximize this impact, policymakers and regulators must act to help build these markets.

Earlier this year, the U.S. Government released guidance supporting the use of carbon credits and outlined principles for engaging in VCM responsibly and with integrity. Bloomberg noted this important step in leveraging markets, allowing for transparency, standardization and trust, to help drive action at the scale and efficiency required to maximize impact. The World Bank also continues to scale its carbon markets work, building institutional structure and capacity at country and global levels. However, there is still progress that needs to be made to realize results.

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Media must be credentialed to attend. Please contact VCMDay@VCMIntegrity.org to apply for credentials.

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About ICVCM

The Integrity Council for the Voluntary Carbon Market (Integrity Council) is an independent, non-profit governance body for the voluntary carbon market, which aims to ensure the voluntary carbon market accelerates progress on our global climate goals. The Integrity Council aims to set and maintain a voluntary global threshold standard for quality in the voluntary carbon market. The threshold standard is based on the Integrity Council’s Core Carbon Principles (CCPs) and is implemented through an Assessment Framework that sets out what high quality means by reference to those principles. The result is a threshold standard and label that provide a credible, rigorous, and readily accessible means of identifying high-quality carbon credits.

About VCMI

The Voluntary Carbon Markets Integrity Initiative (VCMI) is an international non-profit committed to realizing the full potential of high-integrity voluntary carbon markets (VCMs). Our mission is to empower companies, governments, and non-state actors to maximize the impact of their climate actions through the use of high-quality carbon credits. VCMI’s Claims Code of Practice provides rigorous, science-based guidance for organizations to make credible and transparent ‘Carbon Integrity’ Claims. These claims acknowledge companies that go above and beyond science-aligned emissions cuts to accelerate global net zero. 

About GCMU

The Global Carbon Market Utility is a public utility designed to provide the infrastructure necessary to manage a trustworthy carbon market—including data management, contracts, audits, verification, and dispute resolution. This infrastructure will enable financial intermediaries, like banks and insurance companies, to enter the market, provide project financing, and house risk for end-buyers. The GCMU will directly plug into existing financial and regulatory infrastructure, helping to fill critical climate funding gaps quickly. The GCMU was launched at COP27 in 2022 and is supported jointly by Three Cairns Group and Bloomberg Philanthropies.

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The Stakeholder Forum will act as a market sounding board for VCMI. It will capture views and perspectives from a broad range of VCM (Voluntary Carbon Market) participants to ensure that VCMI guidance is well designed, easy to understand and effective. The Forum will also provide input on market needs to increase adoption of the Claims Code of Practice.

Participants will include individuals and representatives from organisations committed to advancing the mission of the VCMI. Including 40 to 50 participants, the group will span diverse backgrounds, experiences, and geographies.

Individuals and organisational representatives who are interested in joining the VCMI Stakeholder Forum should submit an Expression of Interest through the following link: https://forms.office.com/e/MveYz9ASfT

Applicants will be required to confirm their agreement to the VCMI Stakeholder Forum Terms of Reference (TOR), which are available online: https://vcmintegrity.org/vcmi-stakeholder-forum_tors_final

Applications close 1 June 2023 at 23:59 BST.

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The Expert Advisory Group (EAG) will serve as the primary means of channeling the technical advice from a diverse array of subject matter experts to the VCMI Steering Committee (“SteerCo”), which serves as the high-level decision-making body of the VCMI Initiative. It will:

• Address technical areas of VCMI integrity – this includes demand-side integrity and the net zero-aligned use of carbon credits, assurance, transparency, and connecting demand and supply-side integrity.
• Identify gaps and issues where further research is needed – this could lead to sub-grants by VCMI.

The EAG’s immediate focus will be reviewing responses to VCMI’s global consultation report and advising the Steering Committee on claims guidance in advance of COP26.

EAG Membership

VCMI is looking for a diverse and inclusive group of subject matter experts (up to ~30 at this stage). In parallel with a proactive search, we are inviting applications through our website. The VCMI Secretariat will select EAG members on a rolling basis based on expertise, considerations of diversity and inclusion, and the needs of the EAG.

The EAG will be led by two Co-Chairs. In addition to an overarching group, the EAG will work in sub-groups that focus on specific issues

VCMI will use these criteria when considering candidates for the EAG:

1. Subject matter expertise
   1. Expertise in the credible use of carbon credits (“demand-side integrity”)
   2. Expertise in the high integrity supply of carbon credits (“supply-side integrity”)
   3. VCM infrastructure expertise
   4. Transparency infrastructure
   5. Climate and carbon regulation expertise
   6. ESG business case expertise
2. Geography
   1. We aim for an even mix of global north and south, and a spread across the key VCM regions (Latin America, Africa, South, and East Asia, Europe)
3. Diversity of gender, race, and ethnicity

VCMI actively seeks and encourages applications from candidates from diverse backgrounds including Indigenous Peoples and local communities. Understanding and addressing Indigenous Peoples’ views and concerns as stewards of the forests and other resources is crucial to guarantee the integrity that this initiative seeks to achieve.

Participation in the EAG is voluntary and in an individual capacity rather than as official spokespersons or representatives of organizations or other initiatives they are affiliated with. We anticipate hosting two meetings per month ahead of COP 26 subject to EAG members’ availability and requiring a couple of hours to review and comment on knowledge products. We will aim to hold the first meeting of EAG members in mid-August, noting that its members will continue to expand over time. Please note this is a volunteer, non-compensated position. VCMI can provide financial support to expert contributors to facilitate their participation under certain circumstances and upon request to the VCMI Secretariat.  The Secretariat will decide on a case-by-case basis.

Submit your application

To apply to the EAG, please fill in this form and submit your CV to vcmi@merid.org. We will not respond to applications made via phone calls or email. VCMI will only contact individuals whose qualifications match the current needs of the EAG. Thanks for your interest in VCMI.

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