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Biden administration issues guidelines on carbon credit integrity

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Hill or enjoy below:

🗞️ Driving the news: The Biden administration announced new guidelines to ensure the credibility of carbon credits or offsets, aiming to strengthen the integrity of this voluntary market
These guidelines are intended to guarantee that purchased carbon credits represent genuine reductions in carbon dioxide emissions and are validated by an independent third party

🔭 The context: Carbon credits allow individuals, businesses, and other entities to offset their emissions by funding projects like tree planting or preservation
However, the market has faced issues such as double counting and doubts about the actual impact of some projects, prompting the need for stricter guidelines

🌍 Why it matters for the planet: The new guidelines emphasize that carbon credits should result in permanent and additional emissions reductions, addressing previous shortcomings in the market
By ensuring these credits are credible, the administration aims to enhance the effectiveness of carbon offsetting efforts and support broader climate goals

⏭️ What's next: Corporate purchasers are urged to reduce their direct emissions and disclose the specifics of their credits publicly
The principles align with those of non-profit entities like the Integrity Council for Voluntary Carbon Markets, reinforcing a unified approach to carbon credit integrity
•  The guidelines are expected to boost the credibility and effectiveness of carbon credits, aligning with efforts from organizations like the IC-VCM

💬 One quote: "These principles will help us counter glossy greenwash and other real risks in a nascent and voluntary market and, instead, catalyze mountains of capital to rigorously take on emissions and create good-paying jobs," said National Climate Adviser Ali Zaidi

📈 One stat: Voluntary carbon markets can unlock significant financial resources, with each credit representing one tonne of carbon dioxide reduced or removed from the atmosphere

Click for more news covering the latest on carbon  

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