A transparent and well functioning voluntary carbon market would help to facilitate the transition to global decarbonisation. Globally, national governments and private firms are increasingly committing to net zero targets. The reality is that these targets will be met through a mix of emissions reductions and, particularly in sectors where abatement is more challenging, the use of offsets. Given the delays in implementing Article 6 of the Paris Agreement, the potential for a robust global voluntary market to support financial flows to less developed countries, is particularly important. 

The ‘Taskforce on Scaling Voluntary Carbon Markets’ is a private sector-led initiative working to ‘scale an effective and efficient voluntary carbon market to help meet the goals of the Paris Agreement’. The Taskforce has published its much anticipated Consultation Document, which outlines 17 recommendations to scale voluntary carbon markets. The Consultation includes a proposed set of 'core carbon principles' to help to frame standardised benchmark contracts that would be listed on exchanges and utilise existing infrastructure. The Consultation is open for comment until 10 December, 2020.