Can Biden Administration’s Joint Statement Breathe New Life and Restore Trust in Voluntary Carbon Markets?

Carbon offsets and other voluntary carbon market (VCM) components are seen as an important part of the quest to reduce worldwide carbon emissions. They allow carbon emitters to purchase carbon credits generated by projects performed by others targeted at removing or reducing greenhouse gases (GHG) from the atmosphere. These mechanisms give carbon-heavy industries and other entities a relatively simple way to contribute to the reduction of emissions and participate in the “race to net zero,” and have created a substantial demand for these products.