25 November 2007 | Luca Del Buono

 

A new global carbon offset standard has just been launched at the London Stock Exchange boosting business, consumer and government confidence in the voluntary carbon market.

The Voluntary Carbon Standard (VCS) provides a new and much needed quality assurance for certification of credible voluntary offsets.

The VCS is a global benchmark standard for project based voluntary greenhouse gas emission reductions and removals.

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.

Market analysts estimate that annual transactions in the voluntary carbon market could reach US$4billion in the next five years and that the VCS, already popular with buyers, will be instrumental to this future growth.

The new VCS marks the end 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).

Andrei Marcu, President of The International Emissions Trading Association (IETA) and co-chair of the VCS Steering Committee, commented: "While the main action must be in regulatory approaches, voluntary actions and offsets have an important role to play, and the VCS will provide them with necessary credibility."

Explaining the valuable role of the voluntary carbon market, Mark Kenber, Policy Director of the Climate Group said: "Urgent and drastic action is required to stabilise climate change.

The voluntary carbon market has an important role to play in bringing down emissions quickly and priming the pump of clean green innovation while the politics catches up."

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