Climate Crisis Advisory Group calls for robust scientific standards and transparency to unlock potential of the voluntary carbon market

Climate Crisis Advisory Group calls for robust scientific standards and transparency to unlock potential of the voluntary carbon market - Climate Crisis Advisory Group

Scientific principles and transparency must lead the conversation about what ‘counts’ for carbon credits to build confidence in the voluntary carbon market (VCM).

That’s according to the latest report from global climate experts, the Climate Crisis Advisory Group, which provides seven key recommendations that go beyond the Oxford Offsetting principles.

The report outlines a roadmap for the VCM to overcome recent criticism and rebuild trust through science by supporting projects that deliver real emissions reductions, as well as redistribute finance and meaningful co-benefits to local communities where projects are based. It further stresses the need for international and state regulation to guarantee the quality of credits and ensure organisations take all feasible steps to reduce emissions before engaging with the VCM.

Acknowledging the current limits of the VCM, the report provides guidance on the application of rigorous scientific principles across measurement, monitoring and reporting in order to create a reformed market that has potential to make a much-needed contribution to climate efforts. It also sets boundaries for the legitimate use of carbon credits, stressing that they cannot be used to leave carbon removal and carbon sink preservation to market forces, nor can vulnerable ‘green’ carbon sinks meaningfully offset ‘black’ carbon emissions (i.e., GHG).

‍The critical role of transparency in building and maintaining confidence in the VCM‍

Acknowledging the historical shortcomings of the VCM, the report emphasises financial transparency as a critical step towards building trust and confidence in the current absence of international and state regulation.

A transparent system would mean measurement and methodology are open for discussion, and as industry norms are strengthened, opportunities for 'shopping around’ by buyers and sellers into VCMs are reduced. Transparency about financial allocations along the VCM pipeline will also help to expose unethical practices and secure a fairer deal for communities and project implementers.

‍Read the report here.