Legal & Regulatory News

UK Government launches co-funded Voluntary Carbon Markets Integrity Initiative

On 29 July 2021, the Voluntary Carbon Markets Integrity Initiative (VCMI) was launched, an initiative which is to be co-funded by the UK Government and Children's Investment Fund Foundation.

VCMI will focus on improving the integrity of voluntary carbon markets to ensure that they can play a credible role in limiting global warming to 1.5C. VCMI will initially focus on supporting businesses in making robust claims regarding carbon emissions (such as "net-zero" and "carbon neutral") that are underpinned by science-based action on reducing greenhouse gas emissions. VCMI also intends, amongst other things, to support private sector climate action by developing guidance on the use of carbon credits, how to make transparent claims, and promoting multi-stakeholder engagement and partnerships so that this translates into meaningful action on the ground.

VCMI has published a consultation report to gather views from stakeholders on how carbon credits can be voluntarily used and claimed by businesses as part of credible net zero strategies, setting out ten principles aimed at enabling high integrity and high ambition voluntary corporate climate action.

The deadline for responses to the consultation is 10 September 2021.

Click here to access more information on the VCMI.

Click here to access the consultation report.