A new Verra-supported initiative will put the supply side into the center of discussion about the design and deployment of global voluntary carbon markets (VCM).
Launched by Climate Focus, the Indonesia Research Institute for Decarbonization (IRID), SouthSouthNorth (SSN), Transforma, and Verra, the VCM Global Dialogue will identify how voluntary carbon markets can drive mitigation activities that support national climate plans and local priorities, provide additional benefits for communities and businesses, unlock greater levels of private investment, and help motivate more corporates to reduce their emissions and to neutralize their remaining emissions.
“We are very happy to be involved in this global consultation on the future VCM. We see the need to voice the important role of micro-scale projects in developing countries in the future VCM which will contribute in meeting global emission reduction targets while at the same time achieving sustainable development goals and addressing poverty,” said Kuki Soejachmoen, IRID.
“We believe carbon markets have a significant role to play in mobilizing and increasing private sector finance for mitigation. Our engagement in this initiative is rooted in the relevance of exploring all angles of carbon markets, the need to enhance and evidence the role of the private sector in the transformation required and the goal to increase visibility of different voices from Latin America in the global carbon markets technical dialogues. Transforma works to promote change and transitions through innovative participatory pathways,” stated Sandra Garavito, Transforma.
The work will be led by an inclusive team of leading carbon market experts and analysts and also strengthen complementary initiatives that consider carbon market integrity from the perspective of carbon credit buyers.
“For me, this initiative provides a unique opportunity to get insights into the perspectives of developing countries on the Voluntary Carbon Market and how VCM can be enhanced to contribute to global greenhouse emission reduction, while addressing the development needs of low and middle income countries,” said Robi Redda, SouthSouthNorth.
“We strongly believe that the VCM can significantly accelerate the implementation of the Paris Agreement by harnessing the implementation power of communities, investors, project developers and local local institutions. It makes us proud to be part of this global group of people committed to making carbon markets drive sustainable development,” added Adriaan Korthuis, Climate Focus.
The findings of the Global Dialogue will be publicly released at COP26 in Glasgow in November 2021, and will be informed by position papers and stakeholder consultations over the coming months.
Verra manages the Verified Carbon Standard (VCS) Program, the world’s largest voluntary greenhouse gas (GHG) crediting program. Over 1,600 certified VCS projects have collectively reduced or removed more than 500 million tonnes of carbon and other GHG emissions from the atmosphere, many of which are based in developing countries. Verra believes that the perspective of these projects needs to be included in the discussions about the structure of the voluntary carbon markets.