Verra CEO David Antonioli emphasized need to clear up confusion surrounding voluntary carbon markets.
WASHINGTON, DC – 2 June 2022 | Organizations in the voluntary carbon market must work together to grow transparency, ensure integrity, and clear up confusion around the market, Verra CEO David Antonioli told participants in a first-of-its-kind Voluntary Carbon Markets Convening today. The event was hosted by the Commodity Futures Trading Commission (CFTC), a financial regulator, to facilitate discussion among market participants about the supply and demand for high-quality carbon offsets, product standardization, data needed to support credit integrity, and other topics.
Verra is a nonprofit standard-setter that administers the Verified Carbon Standard (VCS) Program, the world’s leading carbon crediting program. Mr. Antonioli described paths that carbon standards and quality initiatives can take to help scale climate action. He also addressed questions surrounding the integrity of the carbon markets.
“I don’t see a crisis of integrity in the voluntary carbon markets but rather a crisis of confusion. Within these markets, we’ve seen millions of dollars invested throughout the world, delivering real impacts for the climate and communities,” Antonioli said, citing crediting programs and initiatives that will help ensure transparency and quality, such as the Integrity Council for the Voluntary Carbon Market.
The role of carbon credits in compliance markets has grown significantly over the past few years. Some government programs allow companies to invest in projects to comply with required climate mitigation actions. With this workshop, the CFTC also sought to identify potential roles that it might have in the marketplace, particularly as CFTC-regulated derivatives are emerging.
“As the derivatives regulator, we have an imperative to understand how these markets operate,” CFTC Chairman Rostin Behnam said during opening remarks.
Moreover, panelists emphasized that voluntary carbon markets are supplemental to government regulations in that they enable corporations and individuals to scale up much-needed climate action, making it possible for the world to keep global warming at or below the 1.5-degree target.
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Verra is a nonprofit organization that operates the world’s leading carbon crediting program, the Verified Carbon Standard (VCS) Program, as well as other standards in environmental and social markets. Verra is committed to helping reduce greenhouse gas emissions, improve livelihoods, and protect natural resources by working with the private and public sectors. We support climate action and sustainable development with standards, tools, and programs that credibly, transparently, and robustly assess environmental and social impacts and enable funding for sustaining and scaling up projects that verifiably deliver these benefits.