GFO’s response to the TSVCM consultation – do no “net” harm?

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.”

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