21 April 2022, London, United Kingdom
Today, the Integrity Council for the Voluntary Carbon Market (Integrity Council) announces a USD $2m grant from Google.org to support its work to ensure the voluntary carbon market (VCM) accelerates a just transition to 1.5 degrees.
A high-integrity, scaled VCM would efficiently mobilize billions of dollars in finance towards urgent climate mitigation, emerging breakthrough technologies, and climate resilient development, especially in developing economies that struggle to access traditional climate finance. A high-integrity VCM is therefore an important complementary tool to the ongoing decarbonization efforts being made by companies like Google.
The Integrity Council, an independent governance body for the VCM, announced in March 2022 that it will launch new definitive global threshold standards for voluntary carbon credits in the third quarter of 2022, following a public consultation opening in the second quarter of this year.
These standards – known as the Core Carbon Principles (CCPs) and Assessment Framework (AF) – will set the bar for what constitutes as high-quality carbon credits, helping to increase accountability and confidence in the VCM to mobilize climate finance at scale.
“We are delighted to receive this support from Google.org, and to deepen our existing relationship with Google’s corporate sustainability team. Our theory of change is simple: first build a voluntary carbon market with integrity, and scale will follow. This funding will help drive the Integrity Council’s work to ensure high-quality carbon credits channel finance towards genuine and additional greenhouse gas reductions and removals projects that go above and beyond what can otherwise be achieved.”, says Integrity Council Chair and former SEC Commissioner, Annette Nazareth.
Notes to Editors
About the Integrity Council
The Integrity Council for the Voluntary Carbon Market (Integrity Council) is an independent governance body for the voluntary carbon market, which aims to ensure the voluntary carbon market accelerates a just transition to 1.5 degrees centigrade.
The Integrity Council sets and enforces definitive global threshold standards for the voluntary carbon market, drawing on the best science and expertise available, in order to channel finance towards genuine and additional greenhouse gas reductions and removals that go above and beyond what can otherwise be achieved, and that contribute to climate resilient development.
Google.org, Google’s philanthropy, brings the best of Google to help solve some of humanity’s biggest challenges combining funding, innovation, and technical expertise to support underserved communities and provide opportunity for everyone. Google.org engages nonprofits and social enterprises who make a significant impact on the communities they represent, and whose work has the potential to produce meaningful change.