The Climate Group, a nonprofit organization of businesses and environmentalists is launching a new standard for carbon emissions credits today on the London Stock Exchange, in an effort to provide a reliable system of verification for purchases of carbon offsets.
The London-based group says it aims to assure businesses that the carbon credits they buy are genuine and truly represent emissions-cutting projects. The new standard called the Voluntary Carbon Standard (VCS) will be applicable to projects located around the world–each credit representing an offset of a ton of carbon emissions.
The program also establishes a single database to track the credits to ensure their authenticity.
The Climate Group says the rigour and transparency of the new VCS will boost market confidence for many companies and individuals keen to take a lead on tackling climate change by going carbon-neutral. They believe the international standard will drive greater investment into credible offset around the world.
The VCS is the result 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).
Mark Kenber, Policy Director of The Climate Group and co-chair of the VCS Steering Committee, says: “The Voluntary Carbon Standard means business and consumer buyers can now trust the offsets they buy.”
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