The voluntary carbon market (VCM) can play an important role in facilitating the transition towards a sustainable future for all. By driving finance to climate mitigation activities in developing countries, it can increase these countries’ climate ambitions and help them reach their United Nations Sustainable Development Goal (SDG) targets.
Between June and October, Climate Focus, IRID, Transforma, and South-South-North conducted eleven stakeholder consultations with over 350 participants aimed at putting the voices of the supply side at the center of discussions about the VCM. The group also prepared five position papers.
The consultation process consisted of:
- Regional Stakeholder Consultations
- Presentation of Initial Findings
- Global Consultation on Action Agenda
The final report contains a Vision and an Action Agenda setting out six principles to maximize the contribution of the VCM to ambitious climate action and development. It lays out how governments can strategically engage with the VCM, how carbon accounting can be transparent and credible, and catalyze investments with broader development benefits that empower and strengthen the rights of Indigenous Peoples and Local Communities.
The report was launched on 27 October 2021.