Leveraging High Integrity Voluntary Carbon Markets in Support of Climate Prosperity

Leveraging High Integrity Voluntary Carbon Markets in Support of Climate Prosperity

 Working group meeting on carbon finance including launch of the partnership between the CVF and V20 Finance Ministers and Voluntary Carbon Markets Integrity Initiatives (VCMI)

Friday, 19 April 2024 | 1.30 pm – 3.00 pm ET
V20 Office, Conference Room 7A, 7th Floor,
2000 Pennsylvania Ave, NW #7000, Washington, DC 20006

Hosted by the CVF and V20 Finance Ministers and Voluntary Carbon Market Integrity Initiative (VCMI)

Background

Voluntary Carbon Markets (VCMs) can play a critical role in pushing corporates towards their net zero goals and supporting the Paris Agreement temperature goals. In addition, VCMs can play a key role in driving development capital to countries in support of their policy priorities, local communities, nature, and innovative climate friendly technologies. VCMs provide developing nations the ability to deliver new vibrant green economies that are climate resilient and can positively change the lives of local populations through close alignment with the UN Sustainable Development Goals.

To grow these markets and maximise their impact, they must be high integrity from the creation and issuance of an emissions reduction, all the way through to the end use of the credit. End-to-end integrity (supply to demand) in the VCM is therefore critical if the market is to reach its full potential.

The Voluntary Carbon Markets Integrity Initiative (VCMI) and the Integrity Council for the Voluntary Carbon Market (ICVCM) are two internationally renowned, independent organisations delivering end-to-end rules for integrity. Crucially, Governments themselves can and are taking action to promote an enabling environment for high integrity carbon market activities and accelerate the runway to regulated markets. These and many other stakeholders are working together to bring the pieces of the puzzle together to leverage carbon markets to unlock much-needed finance, at pace, in support of climate prosperity.

This event will bring together senior government stakeholders from across the CVF and V20 member countries to discuss what is needed to enable high-integrity and scaled up carbon finance to help address some of the most pressing climate, economic, and sustainable development challenges.

Objectives

The event will showcase how clarity, trust and capacity is leveraging action and investment, with country specific case studies of government action and ambition on carbon markets. It will also highlight collaboration opportunities between CVF and V20 member countries and VCMI linked to the partnership agreement to be concluded by both organisations.

Outcomes

This event will enhance clarity and confidence in the role of high integrity voluntary carbon markets in support of countries’ climate prosperity plans – including how VCMs link to regulated carbon markets and Article 6 – as a key tool to leverage finance and action toward Paris Agreement and sustainable development goals. It will highlight collaboration opportunities between CVF and V20  member countries and VCMI linked to the partnership agreement to be signed shortly by both organisations, with a view to agreeing concrete actions and next steps to take forward access strategies projects, linked to the development of Climate Prosperity Plans.

Topics: Green Growth, Green Investment, Scaling Climate Finance, Carbon Markets, High-Integrity Voluntary Carbon Markets, Energy Transition, Nature-based Solutions, Tech-based Solutions, Sustainable Development.

Format 

A 90-minute in-person working group meeting convened by the CVF and V20 Finance Ministers and Voluntary Carbon Market Integrity Initiative (VCMI), on the margins of the Spring Meetings, with the following format.

• Opening Session
• Presentations
• Roundtable Discussion
• Closing segment

Agenda 

Reference Documents

• Climate Prosperity Plans (link)
• Accra-to-Marrakech Agenda (link)
• Non-Paper: Early Ideas on Carbon Exchanges (link)
• Ghana’s Framework on International Carbon Markets and Non-Market Approaches (link)
• Ghana’s Report on the Implementation of Article 6 of the Paris Agreement 2023 (link)