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The integrity of VCMs emphasised by VCMI ahead of COP28

In a recent interview, VCMI’s Executive Director, Mark Kenber, shared key insights on voluntary carbon markets, the Global Stocktake, and the importance of integrity at COP28. Voluntary Carbon Markets Integrity Initiative (VCMI) is a multi-stakeholder platform that drives credible, net-zero-aligned participation in voluntary carbon markets (VCMs).

integrity of VCMs emphasised by VCMI ahead of COP28_ flamingos in the Al Qudra Lakes in Dubai_visual 1Flamingos in the Al Qudra Lakes in Dubai.

In an interview with ESG Clarity, Mark Kenber discussed the current state of VCMs and his expectations for COP28. Kenber emphasised the need for a joined-up approach and the empowerment of the Global South in participating in VCMs.

Regarding COP28, Kenber stated that VCMs and finance must be recognised as essential components of climate action and capital flows for greenhouse gas mitigation, particularly in developing economies. He highlighted the COP28 Presidency's focus on activating and scaling high-integrity VCMs outside the formal negotiation track.

Kenber acknowledged the tightening of VCMs and the importance of integrity in these markets. He mentioned VCMI's upcoming Claims Code of Practice, set to launch in June, which will guide purchasers in making transparent and credible claims about using carbon credits. He also highlighted the Integrity Council for the Voluntary Carbon Market’s Core Carbon Principles and Standards, which establish global benchmarks for high-integrity carbon credits.

Read more: Investing in trees: How global companies are protecting and restoring forests

When asked about COP28, Kenber highlighted the significance of the Global Stocktake, a global scientific assessment of climate action's sufficiency in meeting the Paris Agreement goals. He also mentioned discussions around Article 6, the United Nations' Triple-C project, and the role of carbon credits and companies' claims. Kenber encouraged stakeholders to follow these discussions to ensure market integrity and momentum.

Regarding his hopes for COP28, Kenber stressed the importance of collective responsibility and empowering the Global South to participate in high-integrity VCMs that align with their net-zero development strategies. He urged transparency, equity, and accessibility in VCMs, promoting significant global emissions reductions. Kenber emphasised the inclusion of all stakeholders, including communities affected by projects and Indigenous groups, in climate action decision-making processes.

As COP28 approaches, the focus on voluntary carbon markets and the empowerment of the Global South will remain key topics, with discussions aimed at enhancing market integrity and achieving the goals of the Paris Agreement.

Read more: The call for increased financing in hard-to-abate industries

DGB Group is a strong proponent of nature-based solutions, recognising they are the optimal means to protect and rejuvenate our natural environment. The voluntary carbon market offers businesses aiming to reach their net-zero goals a practical opportunity to do so. However, for the market to be sustainable in the long term, firm regulations to encourage transparency and integrity are paramount. DGB is dedicated to restoring nature at scale and ensuring that businesses, investors, and individuals can actively participate in preserving nature through our high-quality carbon credits traded on the voluntary carbon market.

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