The Biden administration on Tuesday announced a new plan aimed at ensuring that markets for carbon credits are fulfilling their promises to drive down emissions.
The White House rolled out new guidelines that the administration says will advance “high-integrity” voluntary carbon markets by establishing clearer rules for participants. Concerns have dogged voluntary markets, including questions about how to ensure that the programs are achieving the decarbonization they claim.
The administration views the new policy as an important step toward addressing those challenges and meeting global climate goals. Voluntary carbon markets “can and should play a meaningful role” in reducing and removing greenhouse gas emissions, the White House said.
“Voluntary carbon markets can help unlock the power of private markets to reduce emissions, but that can only happen if we address significant existing challenges,” Treasury Secretary Janet Yellen said Tuesday in a statement.
