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As an increasing number of companies commit to reducing emissions, and investors demand clear, credible transition plans, a well-functioning voluntary carbon market will be critical to reaching net zero and net negative goals. To meet this growing demand the current market will need to scale at least 15x, and potentially 160x. 

The Taskforce on Scaling Voluntary Carbon Markets, launched by Mark Carney, UN Special Envoy for Climate Action and Finance Advisor to UK Prime Minister Boris Johnson for COP26, is chaired by Bill Winters, Group Chief Executive, Standard Chartered and sponsored by the Institute of International Finance (IIF) under the leadership of IIF President and CEO, Tim Adams. Annette Nazareth, a partner at Davis Polk and former Commissioner of the U.S. Securities and Exchange Commission, will serve as Operating Lead for the Taskforce, and McKinsey & Company will provide knowledge and advisory support.

The Taskforce itself is comprised of more than 40 leaders from six continents with backgrounds across the carbon market value chain. Participants bring expertise from the financial sector, market infrastructure providers, and buyers and suppliers of carbon offsets. 

In the coming months, the Taskforce will take stock of existing voluntary carbon markets and efforts to grow these markets, identify key challenges and impediments, build consensus on how best to scale up voluntary carbon markets and finally, present a blueprint of actionable solutions.
 

Recent Publications

Charter for Taskforce on Scaling Voluntary Carbon Markets – Phase 2

This document sets out the charter for Phase 2 of the Taskforce on Scaling Voluntary Carbon Markets.

Taskforce on Scaling Voluntary Carbon Markets Establishes Advisory Board and Working Groups to Drive the Development & Implementation Phase

Today, the Taskforce on Scaling Voluntary Carbon Markets formally launched the Development & Implementation Phase, with a newly formed Advisory Board and three Working Groups.

Taskforce Establishes Core Carbon Principles, Publishes Roadmap for Scaling Voluntary Carbon Markets

Today, the Taskforce on Scaling Voluntary Carbon Markets published its blueprint on creating a large-scale, transparent carbon credit trading market. To limit atmospheric warming to 1.5°C, the world must halve existing greenhouse gas emissions by 2030 and achieve net-zero emissions by 2050. Every business needs to adjust its business model and develop credible transition plans.

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TSVCM Final Report

Today, the Taskforce on Scaling Voluntary Carbon Markets published its blueprint on creating a large-scale, transparent carbon credit trading market. To limit atmospheric warming to 1.5°C, the world must halve existing greenhouse gas emissions by 2030 and achieve net-zero emissions by 2050. Every business needs to adjust its business model and develop credible transition plans.

A large-scale voluntary carbon market is critical to reaching the goals of the Paris Agreement – it will enable more companies to turn net-zero commitments into action through investments in emissions abatement projects, where they will have the most effect.

 

 

 

 

 

What We're Saying

 

 

Who We Are

Taskforce Members
Jeff Huang, AEX Holdings
Mary Grady, American Carbon Registry
Jonathan Dean, AXA Investment Managers
Abyd Karmali, Bank of America
Ricardo Laiseca, BBVA
Meaghan Muldoon, BlackRock
Kyle Harrison, BloombergNEF
Francois Carré, BNP Paribas
Amy Bann, Boeing
Enric Arderiu, BP
Robert Coviello, Bunge
Edward Hanrahan, ClimateCare
Aliyu Suleiman, Dangote
Mikkel Larsen, DBS
Salla Sulasuo, DSM
Jane Ashton, easyJet
Gérald Maradan, EcoAct
Zhao Jinling, Elion
Maryam Bin Fares, Etihad
Jochen Gassner, First Climate Markets
Uday Senapati, Geely/Lotus
Owen Hewlett, Gold Standard
Kara Mangone, Goldman Sachs
Anthony Belcher, ICE
Kathy Benini, IHS Markit
Isabela Aroeira de Almeida, Itaú Unibanco
Joshua Were, KenGen
Claire Dorrian, LSE
Scobie Mackay, Macquarie
Emma Mazhari, Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping
Anirban Ghosh, Mahindra
Jonathan Shopley, Natural Capital Partners
Esteban Mezzano, Nestlé
Peter Zaman, Reed Smith
Paul Dawson, RWE
Jonty Rushforth, S&P Global Platts
Max Scher, Salesforce
Bill McGrath, Shell
Jenny Bofinger-Schuster, Siemens
Ingo Puhl, South Pole
Chris Leeds, Standard Chartered
Koushik Chatterjee, Tata Steel
Sebastien Pascual, Temasek
Pascal Siegwart, Total
Rasmus Bach Nielsen, Trafigura
Huw van Steenis, UBS
Thomas Lingard, Unilever
David Antonioli, Verra
Guillaume Quiviger, Vitol
Ingrid York, White & Case
John Melby, XCHG
Consultative Group
Philippe Richard, Abu Dhabi Global Market
Mark N. Cutis, Abu Dhabi National Oil Company
Federico Di Credico, ACT Commodities
Mostyn Brown, AFRY Management Consulting
Ali Adnan Ibrahim, Al Baraka Banking Group
Tommi Neuvonen, ALLCOT Group
Bill Kentrup, Allinfra
Kirsten Munro, Ashurst LLP
Ilona Millar, Baker & McKenzie LLP
Vedant Walia, Barclays plc
Beibei Song, Beijing Qianyuhui International Environmental Investment Co., Ltd
Anna Ozga, BHP Billiton Ltd.
Benjamin Massie, Blue Source
Eric Trusiewicz, Breakthrough Energy Ventures
David Wei, BSR
Jonathan Goldberg, Carbon Direct
Gareth Hughes, Carbon Engineering Ltd
Angela C. Kallhauge, Carbon Pricing Leadership Coalition
Mike Knight, Carbon Tracker
Johan Van Vuuren, Carbon Transparency Core Ltd
Andrea Maggiani, Carbonsink Group
Nicolette Bartlett, CDP
Tim Atkinson, CF Partners
Dougal M. Corden, Citi
Lee Beck, Clean Air Task Force (CATF)
Nasser Saidi, Clean Energy Business Council
Sascha Lafeld, ClimatePartner Deutschland GmbH
Tim Stumhofer, ClimateWorks Foundation
Erik Cramer, ClimeCo
Sandip Saha, CLP India
Julie Winkler, CME Group
Ben R. Jordan, Coca-Cola Company
Ingo Ramming, Commerzbank
Agustin Silvani, Conservation International
Dee Lawrence, Cool Effect
Lisa DeMarco, Resilient LLP
Edwin Aalders, DNV GL
Will Gardiner, Drax Group
Ivano Iannelli, Dubai Carbon Centre of Excellence (DCCE)
Lisa Walker, Ecosphere+
Steve Zwick, Ecosystem Marketplace
Eron Bloomgarden, Emergent Forest Finance Accelerator
Srdjan Susic, Emirates Nature
John White, Emtec
Pavan Kumar, Enking International
Kelley Kizzier, Environmental Defense Fund
Jan-Willem van de Ven, European Bank for Reconstruction and Development
Manuel Möller, European Energy Exchange
Walt Lukken, Futures Industry Association
Jay Dessy, Gates Ventures
Ariel Perez, Hartree Partners
Paula DiPerna, Independent
Jinny Yan, Industrial & Commercial Bank of China
Nick Blyth, Institute of Environmental Management and Assessment (IEMA)
Sacha Thacker, InterContinental Energy
Anup Jagwani, International Finance Corporation
Scott O'Malia, International Swaps and Derivatives Association (ISDA)
Thaïs Drozdowski, Inuk
Elizabeth Willmott, Microsoft
Masao Koyama, Mitsubishi Corporation
Karen Kochonies, Morgan Stanley
Tatjana Greil-Castro, Muzinich & Co., Inc.
William Swetra, Oxy Low Carbon Ventures
Matthias Krey, Perspectives Climate Group
Greg Sharenow, PIMCO
Martijn Wilder, Pollination Group
Ian P. Milborrow, PricewaterhouseCoopers LLP
Domenic Carratu, Rabobank
Louis Redshaw, Redshaw Advisors Ltd
Felix Euler, Rokos Capital
Steffan Kram, Santander S.A.
Jonathan Gilson, SCB Group
Robert Jesudason, Serendipity Capital
Johan Krebbers, Shell International BV
Morten Rossé, SYSTEMIQ
Duncan Scott, T. Rowe Price
Josh Brown, TASC Ltd
Leslie Durschinger, Terra Global Capital
Christopher Webb, The Nature Conservancy
Oliver Toohey, The Pew Charitable Trusts
Derya Sargın Malkoç, Türkiye Is Bankasi A.S.
Vivian Mac Knight, Vale
Aymeric de Conde, Vertis Environmental Finance
Anna Lehmann, Wildlife Works
Marc Sadler, World Bank Group
Claire O'Neill, World Business Council for Sustainable Development (WBCSD)
Brad Schallert, World Wildlife Fund
Maya Sidler, Zurich Insurance Group
Taskforce Observers
Jess Ayers, Children's Investment Fund Foundation
Marisa de Belloy, High Tide Foundation
John Denton, International Chamber of Commerce
Cressida Pollock, Quadrature Climate Foundation
Bryony Worthington, Quadrature Climate Foundation
Teresa Hartmann, World Economic Forum
Advisory Board Members
Jay Dessy, Breakthrough Energy
Nicolette Bartlet, CDP
Agustin Silvani, Conservation International
Kelley Kizzier, Environmental Defense Fund
Blas L. Pérez, Henríquez Institution: Precourt Institute for Energy
Alexia Kelly, High Tide Foundation
Paula DiPerna, Independent Advisor
Tajinder Singh, OICU-IOSCO
Jon Creyts, Rocky Mountain Institute
Joe Murphy, Sustainable Markets Initiative
Prof. Myles Allen, University of Oxford
Cynthia Cummis, World Resources Institute
Peter Boyd, Center for Business and the Environment, Yale University
Brad Schallert
* Plus additional representatives from investor alliances and civil society