Since the adoption of the Paris Agreement (PA) in 2015, more and more companies have presented plans on how they intend to fulfil their responsibility to curb climate change. The Voluntary Carbon Market (VCM) offers companies the opportunity to supplement the reduction of their own greenhouse gas emissions with climate change mitigation measures outside their value chain.
Most companies will continue to generate greenhouse gas emissions for the foreseeable future. This makes the purchase of carbon credits from emission reduction or carbon removal activities necessary to offset the emissions incurred. In the VCM, companies, organisations or individuals can voluntarily offset their emissions by purchasing and retiring reduction certificates.
The VCM section describes how the voluntary carbon market works and explains project development and trading of carbon credits. It also explains how companies can embed their involvement in the voluntary carbon market in a comprehensive climate strategy while ensuring the ecological and social integrity of carbon market activities. The article is rounded off with a presentation of key guidelines and regulations as well as practical implementation support. Read more
The supply side of the voluntary carbon market is currently not subject to any universally applicable regulations or generally accepted standards. Various private crediting programmes have developed different requirements to ensure the high quality of reduction certificates and the robustness of emission reductions. Recently, market-driven initiatives have emerged that seek to establish high and, above all, uniform standards for mitigation projects and their accounting. Meanwhile, there are also government initiatives to address uncertainty in the market in order to ensure uniformity, quality and transparency. Read more
Given the complexity of the market, labels and tools can help identify high-quality carbon credits. These are constantly evolving, with requirements being refined and new quality criteria being added to assess crediting programmes, methods and project types. Read more
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