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ARTICLE · 13 AUGUST 2021

Voluntary Carbon Markets Integrity Initiative Consultation Report Released

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The VCMI Report seeks to provide further guidance for assessing carbon credits and the emissions reductions they represent.

United StatesEnvironment
J. Paul Forrester
J. Paul Forrester
Nadav Klugman
Nadav Klugman
Andrew M. Mlynczak
Andrew M. Mlynczak
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The Voluntary Carbon Markets Integrity Initiative (VCMI), a global task force initiated to monitor the integrity of voluntary markets for the purchase and sale of carbon offset credits (VCMs), held a global launch event and issued its consultation report (VCMI Report) in late July. The VCMI Report seeks to provide further guidance for assessing carbon credits and the emissions reductions they represent.

A carbon offset is a transferrable credit or other instrument, certified by an independent verification organization, that represents a reduction in emissions of one metric ton of carbon dioxide or other greenhouse gas. The use of carbon offset credits as a means to reduce greenhouse gas emissions and meet voluntary environmental targets has expanded over the past decade, including as a means for firms to meet the goals stated in the Paris Agreement. 1 However, some critics of carbon offset credits point out that there is an "additionality" problem, meaning that

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