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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.
 

Consultation Document

There is a need for a large, transparent, verifiable and robust voluntary carbon market. The scaling up of markets has the potential to help support financial flows to developing countries, as activities and projects in these countries can provide a cost-effective source of these carbon emission reductions. 

The recommendations published in the Taskforce’s Consultation Document aim to identify the infrastructure solutions necessary to scale the voluntary carbon markets. These are recommendations for the private-sector, developed by both current and potential market users, to ensure this market can deliver to the needs of its participants without compromising the integrity of decarbonization.

The Taskforce has found six key areas where efforts are required to achieve a large, transparent, verifiable and robust voluntary carbon market; these themes are establishing core carbon principles, exchange traded core carbon refer-ence contracts, infrastructure, offset legitimacy, market integrity and demand signaling. 

 

Consultation Survey

 

 

 

 

 

Recent Publications

Taskforce on Scaling Voluntary Carbon Markets Publishes Initial Recommendations, Calls for Feedback from Stakeholders

Today the Taskforce on Scaling Voluntary Carbon Markets published a public Consultation Document, providing an opportunity for stakeholders across the carbon markets value-chain to submit input on the Taskforce’s recommended blueprint to build a fully functional voluntary carbon market.

Operating Team Announces Expanded Taskforce, And Consultative Group

This morning Mark Carney joined Chair Bill Winters, Operating Lead Annette Nazareth, and IIF Head of Sustainability Sonja Gibbs, for a panel during the IIF’s Annual Membership Meeting to provide updates on the Taskforce’s progress.

Explanatory Note: Our Ambition, Timeline and Deliverables

This document offers a comprehensive overview of the Taskforce on Scaling Voluntary Carbon Markets, and our ambition to achieve a step-change in the scale of private, voluntary carbon markets in order to help limit global warming to 1.5 °C.

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What We're Saying

“Companies and the investment community are increasingly focused on supporting the transition to a net zero economy and developing credible transition plans. To achieve net zero, they will need to decarbonize and many will need to offset some emissions as part of the transition, creating a surge in demand for offsets. The financial sector can use their expertise in building market infrastructure to create a carbon offset market which connects this demand with supply. I am pleased that the experts from across the financial system as well as buyers and sellers of offsets will come together to create a blueprint for such a market. This collaboration could make an enormous contribution to supporting the whole economy transition required to achieve the climate goals that our society demands and future generations deserve."

Mark Carney, UN Special Envoy for Climate Action and Finance Advisor to UK Prime Minister Boris Johnson for COP26​

“Since the Paris Agreement was signed five years ago, one of the key elements to support its goals, an effective international carbon market, has been missing. By scaling voluntary carbon markets and allowing a global price for carbon to emerge, companies will have the right tools and incentives to reduce emissions at least cost.

“I look forward to leading this group of highly talented market experts to help the private sector fully play its part in decarbonising the global economy through effective and efficient voluntary carbon markets”.

Bill Winters, Group Chief Executive, Standard Chartered​​

“Mitigating and adapting to climate change may be the most consequential challenge we face in our lifetime. Each of us has an obligation to future generations to do what we can, and the financial sector has a large role to play.

“By bringing experts from across the value chain to the table, this Taskforce will play an integral role in the development of an effective voluntary carbon market and will bring us a step closer to net zero emissions.”

Tim Adams, President and CEO​, Institute of International Finance

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
Ben Readman, Macquarie
Emma Mazhari, Maersk
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
Anna Ozga, BHP Billiton Ltd.
Benjamin Massie, Blue Source
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
Agustin Silvani, Conservation International
Dee Lawrence, Cool Effect
Elisabeth DeMarco, DeMarco Allan 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
Alzbeta Klein, 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
Derya Sargın Malkoç, Türkiye Is Bankasi A.S.
Vivian Mac Knight, Vale
Aymeric de Conde, Vertis Environmental Finance
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
Akanksha Khatri, World Economic Forum