White House Releases Voluntary Carbon Markets Guidelines

In an attempt to boost the credibility of the voluntary carbon markets (VCM) and to prepare for the 29th Conference of the Parties (COP 29) in Azerbaijan in November, the White House released on May 28 a policy statement and set of guidelines for both VCM credit/offset generators and users. Although these guidelines lack the force and effect of law, the mere fact that the Department of Treasury, the Agriculture Department, the Energy Department, and the White House's climate and economic advisors combined to show support for the VCM could help to blunt some of the criticism of those markets as effective tools to achieve long-term greenhouse gas emissions reductions. Many of the principles in the White House document have been articulated and employed by multiple offset accreditation entities, even those criticized as crediting unsubstantiated emissions reductions. Others are designed to limit the use of offsets and place offset users in a more active role to ensure