NCSA Statement – U.S. Government Endorses High-Quality Voluntary Carbon Market

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The NCS Alliance – a WBCSD’s initiative supporting the use of NCS voluntary credits – enthusiastically welcomes the Administration’s Principles for Responsible Participation, promoting high-integrity credits that generate real, additional climate mitigation and other positive outcomes. The Principles capture the key requirements for a impactful voluntary carbon market (VCM) that channels private capital towards effective decarbonization efforts. At a time when strong signals of support are crucial, this announcement by key officials, including Treasury Secretary Janet Yellen, Agriculture Secretary Tom Vilsack, and Energy Secretary Jennifer Granholm, energizes and builds trust among demand actors, reinforcing the vital role of the VCM in combating climate change.

In particular, the voluntary carbon market provides critical funding for nature protection and restoration actions, which are fundamental for reaching a net zero future as well as for scaling new technologies to capture and store carbon. Without this market, these mitigation actions will likely not happen, making these truly additional.

“The support for the voluntary carbon market by the largest economy in the world sends a strong signal that the VCM is here to stay, addressing past issues and providing a government- backed path to raise the bar and realize its potential.”, said Peter Bakker, President and CEO, World Business Council for Sustainable Development, “The Principles issued by the U.S. Government are aligned with the core values of the NCS Alliance, including ensuring that credits truly achieve the intended climate mitigation outcomes. Energised by this announcement, we will continue to work with our members to strengthen the business case for corporate use of carbon credits to finance projects that would otherwise not be funded, in line with additionality principles.”

The NCS Alliance brings together over 80 organizations, including 25 businesses, committed to support the demand for high-integrity NCS credits.

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