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๐Ÿ‡บ๐Ÿ‡ธ ๐Ÿ’ต Breaking: U.S. Government backs high-quality voluntary carbon market ๐Ÿ’ต ๐Ÿ‡บ๐Ÿ‡ธ



๐Ÿ“ฃ This morning, key high-level public officials from the U.S. - including Treasury Secretary Janet Yellen, Agriculture Secretary Tom Vilsack, and Energy Secretary Jennifer Granholm - released an endorsement of the voluntary carbon market (hashtag#VCM) as a key vehicle to fight climate change. It came alongside a set of principles to strengthen this mechanism and preempt some of the issues the VCM has faced over the years.


๐Ÿ’ฐ The stated purpose is to direct private capital towards effective decarbonization efforts through responsible participation in the VCM.


The main announcement:

1๏ธโƒฃ Encourges the private sector to participate in the VCM.

2๏ธโƒฃ Considers that credits are complementary to emission reduction efforts.

3๏ธโƒฃ Pushes for participation in the VCM to โ€œhelp technologies for carbon removal become more cost-effective in the future and support greater purchase volumes of associated carbon removal credits.โ€


It lays out so-called โ€œPrinciples for Responsible Participationโ€, namely:

โžก Focus on High-Quality Credits

โžก Permanence

โžก Robust Monitoring, Reporting, Verification, and Validation (MMRV)

โžก Co-Benefits

โžก Emissions Reduction Priority


๐Ÿ’ช Why is this important? This endorsement of the VCM by the largest economy in the world sends a strong signal that the VCM is here to stay. It acknowledges past issues and provides a clear, government-backed, path for how we can raise the bar and realise the potential of the VCM.


๐Ÿ”— Check out the press release here: https://lnkd.in/drbYmhWx




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