Consultation Response: the UK’s Voluntary Carbon & Nature Markets
At Carbon Balance Initiative, we work for a world aligned with the principles of geological net zero. We recognise the role that the voluntary carbon market can play in climate action, and in reviewing the consultation document, we raise three points: do not endorse the current ICVCM’s Core Carbon Principles and Assessment Framework, reform the VCMI Claims Code, and support the transition toward a credible, robust compliance-based system.
Our recommendations included:
We urge the government not to endorse the CCPs and Assessment Framework as a minimum standard in their current form. Endorsements should only be considered when they clearly distinguish between credit types and guarantee permanence aligned with a durable net zero trajectory.
We recommend the government advocate for reforms to the VCMI Claims Code, including disaggregation of and full transparency on credit types, robust and net zero aligned monitoring, verification and reporting standards, and a requirement to incentivise high-quality and net zero aligned credits, such as permanent removals for long-term net zero goals.
We urge the government to ensure that voluntary carbon and nature market standards support the transition toward a credible and robust compliance-based system, which contributes meaningfully to durable net zero outcomes.