Amazon, Exxon, and Microsoft have initiated a task force aimed at restoring the credibility of voluntary carbon markets, which have faced serious issues of transparency and value. The task force, organized by the Bipartisan Policy Center, will analyze current market conditions and propose policy recommendations to ensure fairness and efficiency in the market. Notably, recent revelations about the ineffectiveness of carbon credits certified by Verra highlight the urgent need for these reforms, as major companies struggle to meet climate commitments amidst rising carbon emissions.
An investigation in 2023 revealed that Verra, a nonprofit which certified carbon credits, had sold tens of millions of offsets that were effectively worthless.
The task force is hoping to improve credibility of voluntary carbon markets, studying the status quo and drafting policy recommendations for how the federal government can promote fair, efficient, and transparent markets.
#voluntary-carbon-markets #carbon-credits #climate-pledges #corporate-responsibility #sustainability
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