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Biden Administration Releases Joint Statement of Policy and New Principles for Voluntary Carbon Markets 

Today, U.S. Secretary of the Treasury Janet Yellen, Department of Agriculture Secretary Tom Vilsack, Department of Energy Secretary Jennifer Granholm, Senior Advisor for International Climate Policy John Podesta, National Economic Advisor Lael Brainard, and National Climate Advisor Ali Zaidi announced the publication of a Joint Statement of Policy and new Principles for Responsible Participation in Voluntary Carbon Markets (VCMs), which could potentially play an integral part in channeling private capital to fund decarbonization efforts. 

VCMs are markets in which carbon credits are voluntarily bought and sold by companies, NGOs, governments, and others. Each carbon credit represents one ton of carbon reduced or removed from the atmosphere. VCMs have the potential to generate economic opportunities for farmers, ranchers, and small suppliers, as well as through projects and programs in developing countries. 

Unfortunately, challenges in these markets, such as projects that don’t fully fulfill the climate impacts they promised, have undermined confidence in VCMs.  

The Statement and Principles released today represent the Biden-Harris Administration’s commitment to push forth responsible market practices that will help VCMs achieve meaningful climate ambition and economic opportunity. 

“Voluntary carbon markets can help unlock the power of private markets to reduce emissions, but that can only happen if we address significant existing challenges,” said Janet L. Yellen, in a statement. “The principles released today are an important step toward building high-integrity voluntary carbon markets. This is part of the Biden administration’s ambitious efforts to tackle the climate crisis and accelerate a clean energy transition that benefits all Americans.”    

Read more here. 

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