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Annette Nazareth and Rachel Kyte reflect on the urgency of mobilising financial flows at scale for global climate action

As governments arrive in Dubai this week for COP28, Annette Nazareth (Chair, ICVCM) and Rachel Kyte (Co-Chair, Voluntary Carbon Market Integrity Initiative) reflect on the need for deep and immediate decarbonisation efforts from both heavy-emitting industries and large-emitting countries. Such efforts must be coupled with accelerated investment in nature protection and clean infrastructure in developing and emerging economies.

Amongst policymakers, there is a growing awareness of the role carbon markets can play in mobilising investment for climate solutions and delivering finance to the Global South. A high-integrity voluntary carbon market is a critical tool for unlocking private-sector finance for these efforts and channelling finance at scale to where it is most needed.  

Contrary to common criticisms, recent research has shown that businesses that engage with the voluntary carbon markets are decarbonizing faster and are more ambitious than those that do not.  

Together, ICVCM’s Core Carbon Principles and VCMI’s Claims Code of Practice have set the rules for a high integrity voluntary carbon market on both the supply and demand sides, to build trust and buyer confidence in the market. Heading into COP28, we need governments and businesses to engage with the rules that our organisations have laid out for high-integrity VCMs.

For more information about ICVCM and VCMI’s expectations or increased corporate action, read our joint statement.