The Taskforce on Scaling Voluntary Carbon Markets has created a new report setting out next steps for a scaled, high-integrity voluntary market for the trading of carbon credits. The Taskforce will now recruit an independent governance body for the market, to ensure that the voluntary carbon market serves its primary purpose of reducing greenhouse gas emissions and accelerating the transition to net-zero.

The report follows a public consultation, attracting over 130 expert responses from across the world. The consultation document itself was based on in-depth conversations with the over 450 members of the Taskforce, conducted via more than 20 working group meetings and over 100 bilateral meetings with interested parties.

Bill Winters, chair of the Taskforce and group chief executive, Standard Chartered commented: “Our consultation shows that diverse stakeholders across the world want to see a unified voluntary carbon market, with high quality carbon credits and legal standards, and overseen by a strong and independent governance body. This market will allow participants to trade with confidence – safe in the knowledge that this activity is making a difference to the planet and its people, while complementing their efforts to cut greenhouse gas emissions.”

The Governance Body will seek to standardise the voluntary carbon market’s operations and unify the market behind a consistent set of values and standards, promoting consistency on quality and enabling the market to scale at speed.

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