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Summary of Interviews
Conducted During the
Inception Phase
July 2021 vcmintegrity.org
Contents I. Key Themes Emerging From Civil
ABOUT VCMI
The Voluntary Carbon Markets Integrity Initiative (VCMI) Society Organization Interviews
is a multistakeholder platform to drive credible, net zero aligned
Pg 5
participation in voluntary carbon markets (VCMs). VCMI’s
goal is to ensure VCMs make a significant and meaningful
contribution to climate action and limit global temperature from
rising to 1.5˚C above pre-industrial levels, while also supporting
II. Key Themes Emerging From
the achievement of the UN Sustainable Development Corporate Interviews
Goals (SDGs).
Pg 11
Through consultation with stakeholders from civil society,
the private sector, Indigenous Peoples, local communities,
and governments, VCMI intends to develop and communicate III. ey Themes Emerging From
K
guidance on how carbon credits can be voluntarily used and
claimed by businesses and others as part of credible, net Indigenous Peoples Interviews
zero decarbonization strategies. It also engages countries to
Pg 17
support development of strategies to access VCMs to drive
ambitious climate mitigation.
The UK Government is supporting VCMI, as announced by IV. Forest Solutions Dialogue:
COP26 President-Designate Alok Sharma at the Climate and
Environmental Integrity in VCMs
Development Ministerial on 31 March 2021. To date, VCMI
has been led by Meridian Institute, a US-based not-for-profit - Forest Country Perspectives
organization, and supported by consultants (hereafter referred
to as the VCMI Consortium).
Pg 21
The VCMI Consortium’s role is to refine the scope, governance
and processes that will underpin VCMI in its future phases.
The Initiative is co-funded by the Children’s Investment Fund
Foundation (CIFF) and the UK Department for Business, Energy
and Industrial Strategy (BEIS).
ABOUT THIS PAPER
This Working Paper provides a preliminary The approach that was used to generate
summary of the prominent themes that these preliminary results employs inductive
emerged in over 50 interviews with nearly and inference-based methods rather than a
200 stakeholders. This summary focuses more rigorous qualitative data analysis (QDA)
on three main categories of stakeholders methodology. This inference-based analysis
including civil society organizations (CSOs) was conducted in over 50 semi-structured
and CSO-led initiatives, companies from interviews. Semi-structured interviews
a wide variety of sectors, and Indigenous were chosen to allow for a conversational
Peoples. The Consortium Team is still approach to best capture the nuance of
conducting interviews and will continue to views regarding voluntary carbon markets
incorporate interview findings in the future, (VCMs) and to allow the interviewees to ask
including a wider representation of the views questions of the interviewers regarding the
of Indigenous Peoples and Local Communities purpose and intentions of VCMI. Interviews
and CSOs from developing countries. were transcribed and coded by major themes
using Atlas.ti software.i The major themes that
Image: Dylan Gillis, Unsplash
have emerged thus far are represented in the
narrative below.
2 VCMI — Voluntary Carbon Markets Integrity Initiative i) https://atlasti.com/ Summary of the Interviews Conducted During the Inception Phase Working Paper 3
I.
Key Themes
Emerging From Civil
Society Organization
Interviews
Image: Atul Loke for Panos Pictures/Food and Land Use Coalition
4 5
ROLE OF VCMS IN CONTRIBUTING GOVERNANCE OF DEMAND-SIDE CLAIMS
TO THE PARIS AGREEMENT / ROLE OF VCMI INITIATIVE
TEMPERATURE GOALS
Across the board, CSOs described a strong
In general, views expressed within CSO need for greater clarity and more clearly
interviews on the role of voluntary carbon defined parameters for the voluntary carbon
markets were mixed. Some CSO actors market, including clear guidance on claims to
highlighted that voluntary markets could address the confusion that currently exists
play a significant a role in closing the among VCM actors. Several respondents
emissions reduction gap left by the Nationally underscored the importance of there being
determined contributions (NDCs), channeling a credible authority to govern the market, as
private finance to help countries increase integrity will be key for its functioning.
their targets, and driving the development
Image: Unsplash, Roberto Motoi
It was suggested that VCMI could serve
of new technologies. One CSO even stated
as a platform in which the existing work of
that the voluntary carbon market could bring
various organizations and initiatives could
us beyond the 1.5˚C goal in the mid-century
be aggregated and amplified. Some CSO
time period. Others were enthusiastic but
representatives also pointed to the potential
cautious, including several who expressed
role that VCMI can play as a networking “A relative minority of CSO
varying degrees of skepticism about the role
platform, wherein representatives of representatives (as compared
of voluntary carbon markets.
countries/governments (from the global
A subset of those who expressed doubts south in particular) can be in the same room to company representatives as
around the role of the VCM suggested with companies that are both buyers and summarized below) acknowledged land as a scarce resource should be left
it is much too small to be impactful in its sellers to gain insights into what types of to market forces. In order to guard against
current manifestation. They cautioned that policy developments will help attract private there is a lack of consensus on what companies relying too much on offsets, some
it could distract from the importance of sector finance. constitutes either a science-based or suggested there should be requirements
mandatory requirements imposed by laws for companies to focus first on reducing
and regulations, which was considered the
even generally agreed upon net zero their own emissions before they can access
RECOMMENDATIONS ON HOW TO BUILD
primary means by which significant emission
CONSENSUS ON SCALING VCMS
decarbonization pathway for hard-to- the carbon market, regardless of intended
reductions will be achieved, along with the uses of the carbon credits purchased and/
need to increase public finance to a much
abate sectors.” or the claims companies make in association
Recommendations from CSO representatives
higher level than current levels. on how to grow VCMs included 1) “Jury- with those purchases. Several CSO
rigging” voluntary carbon markets to representatives encouraged VCMI to look into
Many CSOs expressed an interest in
slowly link to the compliance markets via alternatives to offsets, with a focus on long-
exploring how voluntary carbon markets OFFSETTING
a “back door” to Article 6, i.e. through a term transformative solutions.
can co-evolve with mandatory emission
requirement for corresponding adjustments; Many CSO representatives emphasized
reduction requirements to create the right A relative minority of CSO representatives
2) reintroducing the notion that offsetting that companies should rely very little, if at
set of incentives to ensure VCMs make a (as compared to company representatives
is allowed, while remaining cautious that all, on the use of offsets as an alternative to
meaningful and significant contribution summarized below) acknowledged there is
this could undermine efforts to have VCMs concerted efforts to abate their own value
to meeting the climate goals of the a lack of consensus on what constitutes
effectively help deliver on Paris Agreement chain emissions. Some spoke specifically
Paris Agreement. either a science-based or even generally
temperature goals; and 3) establishing a of physical limits to the type and scale of
agreed-upon net zero decarbonization
governance or guidance framework to ensure emission reduction and removal activities
path way for hard-to-abate sectors. Some
demand is high quality and is additional to that can be used as offsets while still being
CSO representatives expressed concerns
abatement practices in line with science- compatible with the Paris goals, arguing, for
mirroring those voiced by some business
based targets (SBTs), while acknowledging example, that land-based offsets are not a
representatives-that there may not be
this may reduce the demand pool. viable option due to the limited amount of
sufficient incentives to encourage voluntary
uninhabited land available for removals. In
private investments in high integrity
addition, due to the threat of land grabbing
carbon credits from companies in hard-to-
this causes, an ethical challenge was also
abate sectors.
raised regarding whether the allocation of
6 VCMI — Voluntary Carbon Markets Integrity Initiative Summary of the Interviews Conducted During the Inception Phase Working Paper 7
Despite being cautious about the role of ROLE OF VCMI
offsets, one respondent argued that bringing
Several recommendations were presented
back the narrative that offsetting is possible
regarding how VCMI could help with
will be necessary for scaling the market. One
coalition building to establish “collective
CSO representative acknowledged that “the
consciousness” around the need for high
mitigation hierarchy is a principle, not the
integrity VCMs and high integrity claims
law”, and that while we should maintain a
in particular. Recommendations included
scheme that prioritizes abatement within a
harmonizing global guidance with regional
company’s value chain, we should also allow
guidance, such as that being developed
for some flexibility in its implementation. To
by the Nordic Dialogue on Voluntary
this point, a representative of a carbon credit
Compensation, as well as country-level
standard setting organization suggested
guidance, such as that of the UK working
offsetting could be used if a company tried
group on VCMs led by Dame Clara Furst
but failed to meet its targets, though this
and Lord Stern of Brentford, Chair of the
would require credible measures to evaluate
Grantham Research Institute of Climate
their efforts. They furthermore argued
Change at the London School of Economics.
there should be an incentive for companies
The point was also raised that Taskforce on
to go beyond their targets, to drive more
Scaling Voluntary Markets (TSVCM), the
investment, and that offsetting could play a
Race to Zero, the Science Based Targets
role there as well. In both cases, what types
initiative (SBTi), and other key initiatives
of claims are or are not appropriate were
could point to VCMI as the appropriate venue
noted as a key component of overcoming
for generating “authoritative guidance” on
this challenge.
demand-side integrity. It was also noted,
that in order for VCMI to be considered an
TRANSITIONAL NATURE OF VCMS overarching authority on claims guidance, its
status would likely need to be acknowledged
Regardless of individual enthusiasm the role
and supported at the UN level.
VCMs can play to meet the Paris Agreement
climate goals, the common view among
CSOs was that this role must be transitional.
For most CSOs, this meant facilitating the
expansion of regulated compliance markets
and using private sector innovation to drive
new approaches, which will diminish VCMs
in importance as compliance markets grow.
Even among those who were agnostic
regarding the scope of VCMs to meet Paris
goals, several CSOs described a need for
markets to be responsive and evolving,
whether by extending the scope beyond CO2
to encompass “value for nature” and society,
or ensuring that corporate strategies account
for the changing forms of mitigation needed
between now and mid-century.
Image: Partnerships for Forests
8 Summary of the Interviews Conducted During the Inception Phase Working Paper 9
II.
Key Themes
Emerging From
Corporate Interviews
Image: The Climate Reality Project, Unsplash
10 11
Key Themes Emerging From Corporate Interviews
ROLE OF VCMs
The views of company representatives the middle. At the more skeptical end, there respondent who supported the latter view CARBON CREDIT STANDARDS
interviewed regarding the role of VCMs were concerns raised about trade-offs with raised the concern regarding whether the
There was a common feeling of
ranged from implied acknowledgement that cost and difficulty for corporations that would prioritization of mitigation could result in low
dissatisfaction from corporate actors on
VCMs should play a constructive role in result from the regulation of claims. At the integrity reductions within value chains that
carbon credit standards and standard setting
helping meet the Paris Agreement climate other end, however, and more commonly, take place without third party certification
agencies. The most common was a feeling
goals to explicit acknowledgement that a mix of public and private regulation was taking precedence over arguably higher
that they lacked consensus and coordination,
VCMs can and must make a meaningful and broadly welcomed to introduce clarity for integrity offsetting.
but concerns were also voiced about
significant contribution to those goals. Many companies, with the hope this would lead
Views on the availability of high-quality available quality and a lack of guidance for
interviewees from business noted there is toward greater public credibility for claims
offsets were more mixed. On the one hand, buyers. Beyond the less common view that
great untapped potential to channel private related to the use of carbon credits as part
there was the view that integrity of the third-party agencies lacked rigor, frustration
finance into both climate change mitigation of a well-designed and well-executed climate
market had improved massively since Kyoto, was raised that the processes those
and broader development goals. Several mitigation strategy.
and the high integrity use of offsets was a agencies follow are opaque and difficult to
expressed the view that voluntary action by
more significant concern than the availability penetrate for corporate sustainability teams,
companies has catalytic potential to support
OFFSETS AND MITIGATION HIERARCHY of high integrity carbon credits. On the other let alone non-specialists. Some suggested
projects that governments are unlikely
hand, some skepticism was voiced about that many firms do not have dedicated
to finance. Appealing to the competitive Among corporate interviewees, views on
supply-side integrity, with one interviewee sustainability research teams and therefore
nature of CEOs and corporations, several the role of carbon offsets were mixed, but
claiming 85% of offsets available through are unable to conduct necessary research to
respondents pointed to the importance of on the whole positive. Many, cited the use
the big four carbon credit standard setting determine the quality of the credits available.
tracking competitor involvement in the VCM, of offsets as a crucial part of their climate
agencies had “no carbon benefit associated This was exacerbated by the high cost in
emphasizing that participation in VCMs mitigation strategy, regardless of their level
with them at all”. terms of reputational risk in being seen as
neither harms the “bottom line” nor creates of ambition. There was a common view that
investing in poor quality credits. This was a
an unreasonable reputational risk. skepticism towards offsets was misdirected,
concern shared by many interviewees, some
and that proper rigor regarding their integrity GREENWASHING
Many interviewees from companies of whom felt that has been largely passed on
could ensure they play a major role in
acknowledged a need for a complementary There was widespread concern reported from to the buyers, rather than being owned by
galvanizing the private sector. One finance
relationship between VCMs and regulatory corporate interviewees over greenwashing, the credit issuing agencies.
sector interviewee said offsets should be
markets, with one stressing that VCMs regarding malpractice by competitors and
a critical stepping stone for businesses in There was widespread support for
cannot solve the climate crisis alone accusations that might be levied on their
hard-to-abate sectors while they undergo standardization of carbon credit standards,
and should primarily be used to support companies. In general, current or recent
challenging transitions. This view was echoed with greater guidance available for buyers,
governments and policy that move toward greenwashing was not seen as the result of ill
by a representative from the Information more robust guardrails on quality, and better
mandatory emissions reductions. intentions, but rather as ignorance and stem-
Technology (IT) sector who explained that a access for corporates to communities of
ming from a lack of clear guidance. Several
large share of their emissions are difficult to practice and “safe spaces” for learning.
respondents mentioned that the perceived
REGULATION OF CLAIMS reduce, and therefore – in their view – the
difficulties in selecting viable, high integrity
only alternative to offsets was to do nothing.
There was widespread support among the investments in carbon credits can lead to INDEPENDENT ADVICE WITH NO
In the interim between now and when a
corporate respondents for standardization of corporates purchasing low quality offsets, “SKIN IN THE GAME”
net zero pathway is feasible, use of offsets
claims, but with varying degrees of formality. despite good intentions. Others worried that
would enable finance to flow towards climate There was a common frustration among
The greatest enthusiasm came from financial the presence of greenwashing in any part of
mitigation and sustainable development corporate interviewees at a lack of reliable
actors, with more ambivalence in responses their sector would undermine consumer trust
or other public goods that might not and independent advice on carbon credits
from representatives of energy companies. in high integrity claims - regardless of their
otherwise receive support. Other corporates and the carbon integrity of projects. They
One interviewee differentiated between three validity - and underpinned the need for great-
emphasized that, while there should be suggested this only compounds the anxieties
levels of regulation: transparency between er clarity and standardization of claims.
a role for offsets, they should never take felt by corporates at the expectation that
company and consumer; industry-wide
precedence over mitigation efforts within they should be experts in the extraordinarily
standardization of practice and guidance;
company value chains that are in line with the complex task of choosing between
and formal regulation, favoring something in
goals of the Paris Agreement. However, one standards, different types of credits,
12 VCMI — Voluntary Carbon Markets Integrity Initiative Summary of the Interviews Conducted During the Inception Phase Working Paper 13
and the many available types of ancillary from supply-side integrity and demand- originate as a matter of well-established in- engagement by corporations with consumers
investments. On several occasions, a strong side integrity, which is data integrity. This ternational law as well as accepted account- and society in raising awareness and inciting
wish was expressed for independent advice respondent made the point that, in many ing principles should not require a corre- demand for higher standards. The latter view
which did not have “skin in the game” – respects, the data integrity of the reporting sponding adjustment, as that term is defined was shared by other interviewees, who see
that is to say, it did not come from sources on abatement that occurs within corporate under Article 6 of the Paris Agreement. consumers as key drivers of change.
who are not also sellers of carbon credits value chains is far less rigorous and reliable
Some interviewees identified voluntary mar- Finally, some dissatisfaction was expressed
themselves. Ideas on how this could be than the data that is used to establish
kets as an opportunity for corporate invest- regarding a framing that the global goal of
achieved varied. One suggestion was that the the integrity of many – although it was
ments to address critical interconnected limiting global warming to 1.5°C could be
coordination and governance of standards acknowledged not all – carbon credits.
global issues like sustainable development reached via the sum of companies merely
should take place at the UN level; another
or biodiversity. In this view, the instruction for addressing their own internal emissions.
was that of a platform for scientists and
ROLE OF GOVERNMENTS IN “LEVELING businesses to focus on atmospheric integrity Some spoke of a need to be motivated by
other experts to review and rank the integrity
THE PLAYING FIELD” misses an opportunity to invest in a more shared global goals and collective effort,
of projects.
holistic public good. rather than individual efforts and specific
While there were mixed feelings about the
claims. These respondents indicated that
extent to which formal regulation of the Others saw engagement beyond the supply
“THE PERFECT IS THE ENEMY OF this idea resonated with certain government
market was desirable in general, several chain as critical to their own mitigation
THE GOOD” actors who describe global “shared
corporate actors acknowledged the impor- efforts. For example, representatives from
temperature goals”.
An argument especially prevalent among tance of interaction between voluntary and the energy sector used the term “in step
interviewees from the energy sector was that compliance markets. Among these views, with society” to describe their mitigation
“the perfect” risked becoming “the enemy government regulation was seen as best pathways, suggesting their ability to
of the good”. The suggestion was that a placed to rapidly raise the cost of carbon, meet targets rested on a broader societal
preoccupation with quality of the credits and and pivotal to “leveling the playing field” in move towards a net zero ready world (i.e.,
the integrity of the claims is slowing down the terms of rules and regulations across a very tech innovations, appropriate regulatory
flow of finance, diminishing the impact of the diverse corporate landscape. This would be landscape, and consumer demand).
market, and prohibiting additional investment one way to ensure public accountability and One suggested this necessitates active
outside of jurisdictions like the EU. One actor bridge otherwise incommensurable sectoral
also said that the overly strict requirements differences.
placed on companies (i.e., internal abatement)
is squandering an enormous North-South
INTERNAL ABATEMENT VS.
finance opportunity.
GLOBAL GOALS
The view was often expressed that corporate
TRUST AND DATA INTEGRITY
commitments should not be treated as sep-
Trust was frequently brought up in the arate from a larger global ecosystem. This is
interviews with company representatives. a loosely defined point – encompassing both
Whether public trust in corporate claims, corporate opportunities and obligations –
corporate trust in the integrity of standards, which nevertheless reveals potential tensions
or trust of NGOs in the potential of VCMs with the idea that corporate mitigation should
and the good intentions of companies, trust focus on internal abatement.
was widely described as being pivotal to
A strongly held counterpoint to this
holding the VCM together.
view, shared by numerous corporate inter-
One respondent noted there is a third viewees, was that purchases of carbon cred- Image: Anton Eprev, Unsplash
critically important aspect of integrity in its by companies that are domiciled outside
relation to voluntary carbon markets, aside of the host country where the carbon credits
14 VCMI — Voluntary Carbon Markets Integrity Initiative Summary of the Interviews Conducted During the Inception Phase Working Paper 15
III.
Key Themes
Emerging From
Indigenous Peoples
Interviews
Image: © RLU
16 17Key Themes Emerging From Indigenous Peoples Interviewed
ROLE OF VCMs
Interviewees noted that voluntary carbon
markets are a sensitive topic for many
Indigenous Peoples and that there are different
perspectives around this topic. While some
Indigenous Peoples are interested in exploring
what voluntary carbon markets could offer,
other groups are not and are cautious around
or critical of concepts such as “voluntary” and
“markets”. In this sense, it is very important to
identify and engage with Indigenous Peoples
interested in the VCM, as the inception of
these initiatives, participating in their design,
and establishing links with existing initiatives
are related.
A commonly expressed view is that it is equally
important to establish transparent processes
that clearly lay out how and when Indigenous
Peoples will be involved.
RECOGNITION OF RIGHTS
It was also highlighted that, while some
national legislation has made progress in the
recognition of Indigenous Peoples’ rights, in
some cases the lack of implementation and
enforcement against violations generate
mistrust. It was suggested that new projects
or initiatives should closely monitor the
implementation of pilot projects to understand
the rights of Indigenous Peoples and local
communities in different national contexts.
OTHER THEMES TO FURTHER EXPLORE
Interviewees suggested focusing on the
following themes: scope of the VCM
(beyond forests), nature-based solutions,
territorial governance, supply-side integrity,
equity, geopolitical dimension, FPIC (Free,
Prior and Informed Consent), Indigenous
Peoples’ engagement with the government
and businesses, social and environmental
Image: Partnerships for Forests
safeguards, human rights, land tenure rights,
natural resource rights of IPLCs and Afro-
descendants, and verification frameworks.
18 VCMI — Voluntary Carbon Markets Integrity Initiative 19IV.
Forest Solutions Dialogue:
Environmental Integrity
in VCMs - Forest
Country Perspectives
Image: © Stuart Clouth/Partnerships for Forests
20 21Forest Solutions Dialogue: Environmental Integrity
in VCMs - Forest Country Perspectives
SUMMARY Each dialogue session opened with an (NCS) Alliance. VCMI was also initiated this 2. For country participants, meeting the NDC
introductory presentation by UNDP and year to develop guidance on how voluntary targets or goals is a clear priority, but there
This country dialogue focused on
panel discussion with four senior technical carbon credits can be used by corporates was the perception that demand-side
environmental integrity for forests in the
experts on land use, forests, climate change, and other non-state actors as part of discussions and expectations (regarding
voluntary carbon market (VCM) in the
and carbon markets, followed by an open credible, net zero decarbonization strategies. quality of emission reductions and others)
context of the Paris Agreement. The two
dialogue with participants. tend not to consider NDCs when defining
sessions of the Dialogue, held on 14 April At the time of hosting these sessions of the
environmental integrity. This highlighted
2021 through Zoom, were hosted through the Forest Solutions Dialogue in April 2021, there
the need for further dialogue between the
Forest Solutions Dialogue and coordinated BACKGROUND were not yet opportunities for engagement
private sector and supply countries.
by the United Nations Development with a focus on the supply-side of forest
Carbon markets are expected to play an
Programme (UNDP) and partners of the emission reductions and removals in a carbon 3. Countries signalled their interest
important role in the implementation of
New York Declaration on Forests (NYDF) market context, specifically tropical forest and willingness to actively engage in
the Paris Agreement to the UNFCCC. If
Global Platform. “The Dialogue” is an countries. Recognizing that the high integrity discussions with potential buyers of
designed and implemented in a way that
initiative of Climate Advisers to provide a of forest emission reductions and removals REDD+ units.
ensures high integrity, carbon markets can
neutral space to share experiences, discuss has been a major focus of international
mobilize significant private sector finance, 4. While countries recognize that VCM
common challenges, and identify solutions negotiations on REDD+, this process was
raise ambition by lowering climate change and the UNFCCC may have links, it was
to accelerate action in the forest sector designed to be informed by and build upon
mitigation costs, and contribute to the acknowledged that the principles and
through the implementation of “cooperative that wealth of REDD+ experience. The intent
achievement of the Paris Agreement goals. practices on how the VCM relates to NDCs
approaches” under Article 6 of the was also to have these initial dialogues and
Paris Agreement. will likely be defined outside the UNFCCC,
The concept of high integrity in the related future discussions as part of this
by the “court of public opinion”.
carbon markets context often refers to process recognize the UNFCCC context,
Two sessions were held to accommodate
environmental integrity, understood as including the related issues of the NDCs, 5. There are unresolved technical matters
different time zones: Session 1 included
the supply of emission reductions and transparency and finance, and ensure this that warrant further discussion and
country participants from Latin America, the
removals being real, additional, quantifiable, is integrated as critical context for carbon clarification, such as corresponding
Caribbean and Africa, and Session 2 was
and verifiable, with issues of leakage market integrity discussions, without adjustments to the NDC and approaches
for Asia-Pacific countries. French, Spanish,
and permanence sufficiently addressed, prejudging the outcome of the Article 6 for nesting carbon projects within
and Bahasa interpretation were provided.
and units tracked through robust carbon negotiations. The following key messages jurisdictions.
The sessions featured a discussion on
accounting to avoid double counting. were considered the main “takeaways”
challenges and opportunities related to the 6. There is overwhelming agreement that the
However, there are broader aspects based on the expert presentations and
environmental integrity of forest emission price of carbon does not reflect the true
when considering high integrity voluntary contributions by country participants:
reductions and removals in the context cost of forest protection, particularly in the
carbon markets, including, for example, the
of voluntary carbon markets. Participants long-term. Countries have mentioned the
relationship between the VCM and Nationally
included country-level focal points for KEY MESSAGES: lack of transparency on carbon market
Determined Contributions (NDCs) under the
various processes such as the United transactions and prices as a key challenge.
Paris Agreement, as well as demand-side 1. After more than ten years progressing
Nations Framework Convention on Climate
considerations to ensure access and use through REDD+ readiness and 7. There is significant country interest in
Change (UNFCCC), REDD+, and NYDF from
of carbon markets are aligned with credible implementation, developing countries have tools to assess risks and opportunities
countries that have submitted forest reference
corporate climate change mitigation strategies. learned important lessons that can be built of engaging in carbon markets in the
levels to the UNFCCC. The approach and
outreach efforts facilitated the attendance of on to operationalize the high integrity of context of countries’ prior experiences,
There are currently several other related
several REDD+ country participants at the forest emission reductions and removals in existing systems, and climate policy and
processes underway which also focus on
Forest Solutions Dialogue for the first time, the context of VCM. finance priorities.
the environmental integrity associated with
expanding the reach and participation of the the VCM, including the development or
Dialogue. Overall, the two sessions gathered application of sets of principles, such as the
a combined total of 85 participants from Task Force on Scaling of Voluntary Carbon
32 countries. Markets and the Natural Climate Solutions
22 VCMI — Voluntary Carbon Markets Integrity Initiative Summary of the Interviews Conducted During the Inception Phase Working Paper 23The Voluntary Carbon Markets
Integrity Initiative (VCMI) is a multi-
stakeholder platform to drive credible,
net zero aligned participation in
voluntary carbon markets (VCMs).
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