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Governing the VCM

How initiatives shape the future of the voluntary carbon market

While the current proliferation of net-zero pledges might translate into increased demand for credits from the voluntary carbon market (VCM), this market is at the same time confronted with fundamental challenges on both, the supply and the demand side. On the supply side, there is a risk that credits generated lack quality and integrity while on the demand side these credits could be used to supporting greenwashing activities. These and other challenges have led to the emergence of numerous initiatives which to varying degrees aim at governing the future of the VCM. This paper analyses a selection of the initiatives by exploring the governance functions and main action areas of the initiatives. The paper further outlines areas that should be prioritized by voluntary carbon market initiatives in the future.    



Date: November 2021

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