Speakers at the JC3 Journey to Zero Conference 2023 in Kuala Lumpur discussed the importance of voluntary carbon markets (VCM) as a solution to climate change, despite concerns about their integrity. The goal of limiting global warming to below 1.5 degrees Celsius may not be achievable within the expected timeline, making VCMs a valuable tool to channel funds toward emission reduction projects. To address credibility concerns, organizations like the Voluntary Carbon Markets Integrity Initiative (VCMI) are setting global standards and frameworks for assessing carbon credits. However, issues such as double counting must be addressed to prevent the problems that plagued the Clean Development Mechanism (CDM).

Source: Theedge