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Transforming Carbon Markets: Biden-Harris Administration Unveils Bold New Principles for High-Integrity Voluntary Carbon Markets

Yesterday, the Biden-Harris Administration took a monumental step by announcing new Principles for Responsible Participation in Voluntary Carbon Markets (VCMs). This initiative, championed by key figures such as Treasury Secretary Janet Yellen and National Climate Advisor Ali Zaidi, underscores the administration's commitment to advancing high-integrity VCM.

Here's why this is a game-changer:

1️⃣ Mobilising Private Capital: The VCM has the potential to unlock significant private investments, directing crucial funds towards decarbonisation projects and innovative climate technologies.

2️⃣ Ensuring Market Integrity: The new principles set robust standards to ensure that carbon credits represent real, additional, and verified emissions reductions. This addresses existing challenges and restores confidence in VCM.

3️⃣ Driving Economic Opportunity: By supporting diverse stakeholders, from farmers and small businesses to cutting-edge tech companies, the VCM can generate steady revenue streams and encourage economic development around the world.

4️⃣ Promoting Environmental Justice: The principles ensure that VCM activities avoid harm, support co-benefits, and advance environmental justice, benefiting Indigenous Peoples, local communities, and conserving natural resources.

As we strive to reach net-zero by 2050, these high-integrity VCMs will be crucial. They not only complement other ambitious climate actions but also catalyse necessary financial resources to combat climate change effectively.


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