This report explores the role of voluntary carbon markets (VCMs) in global climate action, focusing on their potential to drive emissions reductions and carbon removal. VCMs enable companies to buy carbon credits which represent specific reductions or sequestration of greenhouse gases, supporting climate goals and potentially benefiting local communities.
The report identifies areas for improvement in VCMs and the need for greater scientific rigor and transparency to address overclaims and ensure genuine climate impact. It highlights how VCMs should complement rather than replace direct emission reductions and other climate measures like technological and nature-based solutions.
Voluntary carbon market projects can bring important co-benefits such as biodiversity conservation, climate resilience and enhanced livelihoods, which the report recommends integrating into VCM design and evaluation.