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Will recent developments in voluntary carbon markets restore trust and 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 Thomson Reuters or enjoy below:

🗞️ Driving the news: Amid controversies and greenwashing accusations, the voluntary carbon markets are seeing efforts to restore credibility through new guidelines, changing corporate expectations, and emerging regulatory measures
• The Voluntary Carbon Markets Integrity Initiative (VCMI) released guidelines to establish high-integrity pathways for companies
• Additionally, regulatory proposals from the U.S. and European governments aim to enhance market standardization and transparency

🔭 The context: The voluntary carbon markets have faced criticism for ineffective carbon offsets and dubious practices
• Reports of questionable carbon credits and misleading claims by companies have tainted the market's reputation
• Recent guidelines and regulatory efforts seek to address these issues and promote genuine climate action

🌍 Why it matters for the planet: Restoring integrity in carbon markets is crucial for achieving global net zero goals
• High-quality carbon credits and transparent practices can drive meaningful climate action and help mitigate the impacts of climate change
• Ensuring credibility in carbon offsets supports stronger corporate climate commitments

⏭️ What's next: Companies are expected to face increasing pressure to report their decarbonization actions transparently
• Regulatory frameworks are likely to become more stringent, promoting high-integrity carbon credits
• Collaborative efforts between suppliers and buyers will continue to grow, ensuring credible and impactful carbon removal projects

💬 One quote: “We want to do business with customers who value the role of high-quality, high-integrity credits.” — Alicia Robbins, Vice President of Portfolio Analytics and Business Development at Weyerhaeuser

📈 One stat: According to the Voluntary Carbon Markets Integrity Initiative (VCMI), adherence to their new guidelines by companies could potentially increase the market's credibility and transparency, impacting an estimated $1 billion in annual carbon credit transactions globally

Click for more news covering the latest on carbon market 

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