Challenge #1: Competing Market Approaches
As described earlier in this course, the Voluntary Carbon Market (VCM) provides the opportunity to finance carbon reduction and/or removals projects that otherwise would not be funded through other market mechanism. To support this endeavor, standard setting bodies such as the Gold Standard Foundation, VCS, CAR, ACR, and many others, have provided rules and guidance on how to operate in the VCM.
Unfortunately, these bodies also represent fragmented, and sometimes competing approaches. To facilitate the rapid scale up of the market, this needs to change, evolve into a harmonized market.
To this end, The Integrity Council for the Voluntary Carbon Market (ICVCM) is developing a universal framework to bring clarity and alignment across these standards setters and ensure the integrity of the credits being produced and traded. The prize is significant, address the urgent need to bring about between 5 to 16 gigatons of carbon removals by 2050.