Climate change: how the new global quality assessment framework can boost carbon markets’ integrity, transparency
- The core carbon principles and quality assessment framework were launched by the Integrity Council for the Voluntary Carbon Market in March
- The Council expects to announce the first batch of eligible credit programmes and list of approved projects in the third quarter
Global efforts like the quality assessment framework launched last month to enhance voluntary carbon markets’ integrity will improve transparency and boost credit buyers’ confidence, according to analysts.
However, since market integrity is complicated and multifaceted and the international quality assessment framework is new, the road to transforming carbon markets into a mature green finance system is arduous and long, they added.
As a key stakeholder, these developments are crucial for Hong Kong, which in October launched an international carbon-trading marketplace.
“The core carbon principles is a big step forward but many issues remain [as] integrity can mean different things to different people,” Tristan Loffler, head of carbon credit integrity at London-based carbon markets data and advisory firm Trove Research, told a webinar on Tuesday.
The core principles define high-integrity carbon credits, and the assessment framework were launched in March by the Integrity Council for the Voluntary Carbon Market (ICVCM) following a consultation with stakeholders and input from a panel of scientists and technical experts.