We welcome this consultation on the design of voluntary carbon markets. Overall, we find that:
- Emission reductions are still not being credibly prioritized in our opinion
- Despite their well-known issues, forestry offsets are not excluded
- Links to compliance markets are foreseen, that might create risks for the effectiveness of cap and trade markets (ETS)
- A number of design features clearly favour speculators over climate
- The proposed governance framework creates risks of conflict of interest
- The design might create risks for indigenous land rights
The report attached to the consultation confirms our view that the Taskforce on Scaling Voluntary Carbon Markets is primarily a private lobbying effort aimed at both diverting the conversation away from phasing out fossil fuels and a rebranding the city of London as a “green” financial hub, or as an event puts it, “harnessing the power of London for global climate action.”