December 14, 2007—A new global carbon offset standard was launched recently at the London Stock Exchange, reportedly boosting business, consumer, and government confidence in the voluntary carbon market. The Voluntary Carbon Standard (VCS) provides a new and much needed quality assurance for certification of credible voluntary offsets, say the sponsors.
The new VCS marks the end of a two year consultation with the industry, NGOs, and market specialists, led by The Climate Group, the International Emissions Trading Association (IETA) and the World Business Council for Sustainable Development (WBCSD).
The rigor and transparency of the new VCS will boost market confidence for many companies and individuals ready to go carbon-neutral, says the group. The robust international standard is intended to drive greater investment into credible offset projects certain to result in real and additional emissions reductions around the world.
Although the group asserts that direct cuts in emissions should be the first step for any individual or business looking at minimizing its impact on climate change, it believes the voluntary carbon market has an important role to play as a valuable transition solution that allows investment in carbon reductions over and above government regulations.
