🇺🇸 💵 Breaking: U.S. Government backs high-quality voluntary carbon market 💵 🇺🇸

📣 This morning, key high-level public officials from the U.S. - including Treasury Secretary Janet Yellen, Agriculture Secretary Tom Vilsack, and Energy Secretary Jennifer Granholm - released an endorsement of the voluntary carbon market (hashtag#VCM) as a key vehicle to fight climate change. It came alongside a set of principles to strengthen this mechanism and preempt some of the issues the VCM has faced over the years.

💰 The stated purpose is to direct private capital towards effective decarbonization efforts through responsible participation in the VCM.

The main announcement:

1️⃣ Encourges the private sector to participate in the VCM.

2️⃣ Considers that credits are complementary to emission reduction efforts.

3️⃣ Pushes for participation in the VCM to “help technologies for carbon removal become more cost-effective in the future and support greater purchase volumes of associated carbon removal credits.”

It lays out so-called “Principles for Responsible Participation”, namely:

➡ Focus on High-Quality Credits

➡ Permanence

➡ Robust Monitoring, Reporting, Verification, and Validation (MMRV)

➡ Co-Benefits

➡ Emissions Reduction Priority

💪 Why is this important? This endorsement of the VCM by the largest economy in the world sends a strong signal that the VCM is here to stay. It acknowledges past issues and provides a clear, government-backed, path for how we can raise the bar and realise the potential of the VCM.

🔗 Check out the press release here: https://lnkd.in/drbYmhWx

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