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Biden-Harris Administration Announces New Principles for High-Integrity Voluntary Carbon Markets
The Biden-Harris Administration has released a Joint Statement of Policy and new Principles for Responsible Participation in Voluntary Carbon Markets (VCMs). These principles aim to advance high-integrity VCMs and ensure that the market drives ambitious and credible climate action while generating economic opportunity. The administration is committed to cutting greenhouse gas emissions in half by 2030 and reaching net zero by 2050. The principles include requirements for carbon credits and activities to meet credible atmospheric integrity standards, avoid environmental and social harm, and prioritize measurable emissions reductions within value chains. The administration is also taking steps to develop VCMs, including creating new climate opportunities for farmers and forest landowners, conducting first-of-its-kind credit purchases, advancing innovation in carbon dioxide removal technology, and leading international standards setting. The administration is also enhancing measuring, monitoring, reporting, and verification and protecting against fraud and abuse. The administration aims to ensure that VCMs fulfill their intended purpose to drive private capital toward innovative technological and nature-based solutions and support the United States and international partners in meeting ambitious climate goals.
