IETA welcomes recommendations of Task Force on Scaling Voluntary Carbon Markets

GENEVA, 27 January – IETA warmly welcomes today’s publication of the final recommendations of the Task Force on Scaling Voluntary Carbon Markets (TSVCM), which can be instrumental in scaling, transparency, accountability and ambition of the global drive to achieve net zero emissions, in line with the ambitious goals of the Paris Agreement and the requirements of IPCC science.

“We would firstly like to congratulate Mark Carney and Bill Winters for their leadership in driving this important piece of work,” said Dirk Forrister, CEO of IETA.

“It’s a powerful initiative because it can encourage large emitters to voluntarily reduce their emissions in support of government mandates and beyond.”

IETA is pleased at the scale of engagement in compiling the report, and notes that there is still much work to be done to bring the TSVCM’s work to a successful conclusion.

The report supports the goals of increasing global climate ambition even more – and the central role that markets play in achieving the transition to net zero emissions.

IETA looks forward to engaging with fellow stakeholders in advancing the work on such issues as market governance, standardised contracts and stronger market infrastructure to provide transparency and efficiency to an expanding market.

“This work on the Task Force’s implementation plan is essential so that more financial institutions, investment groups and entrepreneurs can build confidence to invest at scale through carbon markets,” Forrister said.

“We agree that robust standards are essential for net zero, and are pleased that a number of expert consultations are underway by various standards to ensure that they are effective in aligning with Paris goals.”

As IETA’s Governing Council expressed in its Net Zero vision document last year, saying that it sees “a valuable role for promoting high ambition through voluntary commitments that tap international carbon markets for credits to compensate for emissions that cannot be reduced or avoided.”

According to IETA’s Net Zero vision, “many companies… may not have sufficient opportunities to reduce, avoid or remove emissions cost-effectively in their operations.”

Both the voluntary carbon market and the future structures under Article 6 of the Paris Agreement will play a critical role in scaling up such reductions, and this is underpinned by today’s TSVCM report.

IETA is committed to help deliver a growing and effective voluntary market, aimed at achieving the goals of the Paris Agreement and its net zero vision. We congratulate the TSVCM team on producing this report, and we look forward to collaborating on its implementation.

IETA