The VCMI (the Voluntary Carbon Markets Integrity Initiative) Roadmap has been launched, setting out sets to enable voluntary carbon markets that can increase the ambition on climate change.
Core to VCMI’s approach is addressing whether and how businesses’ use of carbon credits can be truly above and beyond and not displace or delay science-based action on decarbonisation. These carbon credits must be underpinned by high-integrity projects that benefit local communities and Indigenous Peoples – supporting sustainable development and aligned with national climate priorities.
The Roadmap, compiled with input from a range of stakeholders, including governments, civil society, and businesses, and informed by the feedback from VCMI’s Consultation Report released in July, sets out to tackle this problem, and ensure carbon credits are used above and beyond ambitious government policies and targets, and deep private sector decarbonisation.
The Roadmap sets forth the critical issues VCMI will address, including: Ensuring private sector climate action claims, like “climate neutral” and “net zero”, represent credible, science-based action on decarbonisation from production to consumption and do not double count carbon credits. Bringing transparency to climate action claims based on carbon credits – including, through guidelines for businesses, regular reporting on progress on use of carbon credits. Determining the balance between reduction and removal carbon credits and ascertaining how this balance should change over time.
Action will now be taken forward in collaboration with global climate action leaders from governments and civil society – and in consultation with businesses demonstrating leadership on climate action.
VCMI was launched this year with co-funding by the UK Government and Children's Investment Fund Foundation, supported by the UK COP26 Presidency and United Nations Development Programme.
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