On Carbon Credits, Tell the Whole Story

The Post’s August 26 Editorial, “The next big climate target: Ending carbon offset scams,” piles on the criticisms of the voluntary carbon market (VCM) that have grabbed headlines. Despite acknowledging in the last paragraph that carbon credits have promise and must be made to work, this piece will continue to slow progress in the fight against climate change, because it does not tell the whole story of the VCM.

In the global battle against climate change, we are equipped with numerous tools, but none offer the immediacy and broad impact of the VCM. As the newly appointed CEO of Verra, the world’s most widely used carbon market standard, I am deeply committed to advancing our mission by enhancing transparency, integrity, quality, and trust in the marketplace.

We recognize that the future of the VCM hinges on credibility — a foundation upon which the efficacy and reputation of these markets are built. The voluntary carbon market is a tool for companies and stakeholders that are already committed to addressing the climate challenge to do more.

An analysis by Trove Research (now MSCI) shows that the companies doing the most to cut their own emissions are also the most engaged in purchasing carbon credits. Carbon credits aren’t a get-out-of-jail-free card to let companies or individuals continue polluting behaviors, as the Post article claims. Rather, they are lifelines for securing vital financing and supporting a diverse array of projects that yield multifaceted benefits worldwide.

This adaptability is essential as we navigate the long-term, systemic transformations needed for a sustainable future. But credibility is not something we can assert or assume – it is earned through hard work, constant vigilance, and ongoing self-reflection and improvement.

That story, not just anecdotes about the all-too-human failures of the market, needs to be told.

Just last month, Verra removed over three dozen rice cultivation projects from our registry following a quality control review and applied strong censures to the auditors that had reviewed their applications. Also last month, we launched a new label developed with an Amazon-led working group for ultra-high-quality carbon credits from planting new trees, and the month before that we announced some of the first carbon credits in the world to receive the Core Carbon Principles label.

Recently, the Climate Crisis Advisory Group (CCAG), a coalition of 17 experts from 10 countries, highlighted their concerns with the VCM. Importantly, their report stated, “CCAG strongly believes that when VCM schemes are based on robust scientific principles, confidence in their credibility is justified.”

This past summer, the peer-reviewed journal Nature Climate Change published a paper showing that projects designed to keep forests standing – the “REDD” projects dismissed by the Post as fundamentally unworkable – are in fact one of the highest-integrity natural climate solutions we have, and one of the best investments we can make in fighting climate change.

These stories, too, must be told.

The Biden administration’s recent introduction of comprehensive US government guidelines on the use of carbon offsets represents a pivotal moment in restoring confidence in this essential tool for combating climate change. These guidelines aim to provide a clear framework of market expectations, addressing many of the criticisms that have shaded the market. And this builds on the numerous market-wide initiatives already hard at work at setting a new benchmark for quality, including guidelines for credit integrity and corporate claims.

I fully agree, and I am committed to engaging in open dialogue with all stakeholders, fostering constant engagement, co-creating solutions, and advancing the credibility of the carbon market through continuous improvement.

As I step into the role of CEO at Verra, I am dedicated to leading our organization into a new era of climate action and market integrity. By collectively striving for greater transparency, integrity, and trustworthiness – and by telling the whole story — we can build a resilient system that propels us toward a sustainable, climate-resilient future.