Thursday 3 September 2020
Mark Carney launches global taskforce to boost voluntary carbon markets
A global taskforce led by the private sector aimed at scaling up voluntary carbon markets to help meet climate goals has been launched by former Bank of England Governor Mark Carney.
The Taskforce on Scaling Voluntary Carbon Markets comprises of more than 40 leaders from six continents with backgrounds across the carbon market value chains, including the financial sector, market infrastructure providers and suppliers of carbon offsets.
Members of the Taskforce include BP, Goldman Sachs, Macquarie, Mahindra, Nestlé, RWE, Shell, Siemens, Tata Steel and Unilever.
Voluntary carbon markets, a vital part of emissions reduction efforts worldwide, enable buyers to purchase credits that support projects that reduce emissions and contribute to a smaller global emissions footprint overall.
The Taskforce will take stock of existing voluntary carbon markets, identify key challenges and impediments, build consensus on how best to scale them up and present a blueprint of actionable solutions.
It will be chaired by Bill Winters, CEO of Standard Chartered and sponsored by the Institute of International Finance (IIF) under the leadership of its President and CEO Tim Adams.
Mr Carney, UN Special Envoy for Climate Action and Finance Advisor to UK Prime Minister Boris Johnson said: “Companies and the investment community are increasingly focused on supporting the transition to a net zero economy and developing credible transition plans. To achieve net zero, they will need to decarbonise and many will need to offset some emissions as part of the transition, creating a surge in demand for offsets. The financial sector can use their expertise in building market infrastructure to create a carbon offset market which connects this demand with supply.
“I am pleased that the experts from across the financial system as well as buyers and sellers of offsets will come together to create a blueprint for such a market. This collaboration could make an enormous contribution to supporting the whole economy transition required to achieve the climate goals that our society demands and future generations deserve."
