The US government released a set of principles on Tuesday for the voluntary carbon market (VCM). The document reflects a vision for the government's view of the VCM, what should be considered to improve it, and what should happen for the carbon markets to play a meaningful role in decarbonization. World Wildlife Fund (WWF) issued the following statement from Marcene Mitchell, senior vice president of climate change:
"In the race to decarbonize, we need multiple tools at our disposal. Carbon credits have earned their critics, but if done right they have the potential to unlock significant investment in a range of climate solutions from closing coal facilities to supporting communities in protecting carbon-rich forests and transitioning to renewable energy. Today's announcement recognizes those opportunities and challenges, and we welcome efforts from the US government to contribute to quality and integrity in this market.
"We know we ultimately need a price on carbon to drive the change we need. Until then we need evidence-based science and guidance to do two things: first, focus companies' efforts on transforming their own operations and value chains, and second, to ensure any additional measures bring stronger credibility and integrity in delivering real emissions reductions.
"The US government's focus on developing guardrails for voluntary carbon markets is a welcome sign, and WWF looks forward to collaborating with the US government and others as we move forward."
