Earlier today, the Taskforce on Scaling Voluntary Carbon Markets (TSVCM) released its final report on a blueprint for the infrastructure needed for a scalable, liquid, transparent, and reliable voluntary carbon market. Verra commends the Taskforce for producing a report that recognizes the impact private sector finance channeled through the voluntary carbon market has on climate action. We believe that this report will increase confidence in the market, which, in turn, will lay the foundation for scaling it up, getting us closer to the goal of keeping global warming below 1.5 degrees Celsius.

The Taskforce is a private sector iniative, launched by Mark Camey, UN Special Envoy for Climate Action and Finance Advisor to UK Prime Minister Boris Johnson for COP26; chaired by Bill Winters, Group Chief Executive, Standard Chartered; and sponsored by the Institute for International Finance (IIF).

Verra’s CEO, David Antonioli, has been involved in the work of this Taskforce — among many other stakeholders.

We want to express our gratitude to IIF and a team from McKinsey for running an open and transparent process that took into account a number of different viewpoints and managed to balance a broad variety of input, creating a solid structure for this market that will allow for some necessary flexibility.

We plan to remain a part of the continuing work of this Taskforce and participate in some of the individual Working Group that will carry this work forward.

Looking Ahead

Exactly how the infrastructure for the voluntary carbon market as outlined in this blueprint will be operationalized is still to be determined. It will be important to ensure that the governance body overseeing the implementation of this infrastructure has the necessary skill and knowledge and that its scope is clearly defined. While there are important decisions yet to be made, we want to make sure that the final governance structure adds value and helps to drive further finance towards climate mitigation.