The Voluntary Carbon Market (VCM) is at a crossroads as we have written in our prior blogs (see part 1 and part 2). While the U.S. VCM Guidelines offer a promising path forward, significant work remains to ensure the market fulfills its potential in combating climate change. This part explores some key developments that can pave the way for a more robust and impactful VCM.
Standardized labels: The power of transparency
One crucial step towards a more robust VCM is the introduction of standardized labels for carbon credits. These labels would clearly differentiate high-integrity credits from those with less rigorous verification processes. A prime example is the Core Carbon Principles (CCP), a set of principles developed by a leading industry consortium that aims to ensure environmental integrity, social responsibility, and sustainable development benefits in carbon offset projects.
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