The UK government is consulting on the implementation of principles for voluntary carbon and nature market integrity, originally issued last November. The consultation invites views on the implementation of the six principles, taking account of their applicability in the context of the varying maturity of markets. It also aims to clarify expected standards for guiding supplier and buyer engagement in voluntary carbon and nature markets. The consultation invites responses on how these approaches could be reflected in guidance, policy and potentially regulation, supported by market architecture that could embed and scale high-integrity practice. The government said it was supportive of action to unlock high-integrity voluntary carbon and nature markets which enable the generation and trade of units or credits representing climate and broader environmental outcomes. The consultation proposes that standards developed by Voluntary Carbon Markets Integrity Initiative (VCMI) are adopted as best practice, for use by companies active in the market. “VCMs are essential for mobilising additional finance to address the climate crisis,” said Usha Rao-Monari, VCMI Steering Committee Chair and former Under Secretary-General of the UN. “By building on standards already set by VCMI, the UK is helping to provide the clarity and assurance businesses need to invest in high-quality carbon credits, deliver financial flows to support low carbon sustainable development in developing economies, and accelerate global progress towards net zero.” The consultation closes on 10 July.
