Belém, July 17, 2023 - VCMI (Voluntary Carbon Market Integrity) reaffirms its commitment to developing high-integrity carbon offset markets as part of strategies to combat climate change. However, the organization emphasizes that these markets should be used as a complement to emission reductions, not as a substitute.
VCMI's concern lies in the fact that many carbon offset markets are not meeting essential criteria for their effectiveness. Some allow companies to offset their emissions by purchasing carbon credits from projects with little effectiveness in emission reduction. Furthermore, the concentration of some markets in the hands of a few large companies can lead to high prices and lack of transparency.
To address these issues, VCMI is working on developing a set of principles governing high-integrity carbon offset markets.
Key principles include:
Evidence-Based: Carbon offset markets should be designed to ensure that offset actions genuinely lead to tangible reductions in greenhouse gas emissions.
Transparency and Accurate Information: It is essential that these markets are transparent and provide accurate information about the projects being supported by companies and individuals.
Inclusivity: Carbon offset markets should allow participation from companies and individuals of all sizes, promoting inclusion and diversity of actors engaged in emission reduction.
VCMI firmly believes that the adoption of these principles will help ensure that carbon offset markets become an effective tool in the fight against climate change. These complementary actions have the potential to drive efforts towards achieving ambitious emission reduction goals and building a more sustainable future for the planet.
Waldner Bruno Pantoja de Souza
Source: Environmental Finance
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