{"id":19751,"date":"2023-06-23T19:10:00","date_gmt":"2023-06-23T19:10:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4140099_AE40099_0"},"modified":"2023-06-23T19:10:00","modified_gmt":"2023-06-23T19:10:00","slug":"key-outcomes-from-a-high-level-roundtable-on-voluntary-carbon-markets-at-the-summit-for-a-new-global-financing-pact","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=19751","title":{"rendered":"Key outcomes from a High-Level Roundtable on Voluntary Carbon Markets at The Summit for a New Global Financing Pact"},"content":{"rendered":"

PARIS<\/span>, June 24, 2023<\/span> \/PRNewswire\/ — The UAE COP28<\/span> Presidency and the Glasgow Financial Alliance for Net Zero (GFANZ) co-hosted a high-level roundtable on Voluntary Carbon Markets (VCMs), as an official side event to the Summit for a New Global Financing Pact. His Excellency COP28<\/span> President Designate Dr Sultan Al-Jaber<\/span> and GFANZ Co-Chair and UN Special Envoy for Climate Action and Finance Mark Carney<\/span> addressed the session, which brought together policymakers, market standard setters, and leaders in business and finance committed to scaling climate finance.<\/p>\n

The session confirmed the urgency of ensuring that high-integrity voluntary carbon markets (VCMs) are scaled, given the critical role they can play in mobilizing significant flows of cross-border financing to emerging markets and developing economies (EMDEs). Participants highlighted the role VCMs can play in financing some of our most urgent priorities, such as nature-based solutions, the accelerated phaseout of coal assets and investment in new climate technologies.<\/p>\n

The discussion addressed that mobilizing VCMs, at the pace and scale needed to preserve nature and the carbon budget, would require addressing any remaining uncertainty on how compliance and voluntary, domestic and cross-border markets come together, and providing capacity building for those countries seeking to leverage the VCMs. Common foundations were needed, across a range of credit types, and coalescing around new supply and demand-side standards being developed by ICVCM and VCMI was critical. Important work to develop the supply of new types of credit – including those designed to accelerate much needed energy transition – was addressed.<\/p>\n

The session also addressed the need to enable high integrity demand pathway to net zero for corporate buyers, whereby reductions of absolute emissions are prioritized, with appropriately defined scope to recognize compensation of residual emissions. The discussion emphasized that to secure the foundations of a high integrity, liquid market in 2023, efforts to align supply, demand, legal, and accounting standards must be facilitated and supported.<\/p>\n

More specifically, participants addressed:<\/p>\n