Gold Standard’s Response to Taskforce
for Scaling the Voluntary Carbon Market Phase II report
Gold Standard published an open response to the public consultation launched by the Taskforce for Scaling the Voluntary Carbon Market (TSVCM) on its Phase II deliverables. Gold Standard supports the overall aim of scaling a high-quality carbon market that can drive greater levels of investment into climate action. We consider there to be a number of good ideas being proposed, yet there are also significant gaps in scope that render the mission to scale the market incomplete and, in some areas, dangerously deficient if not addressed.
By accident or design, we are concerned that the proposals of the Taskforce fail to build for the future in several fundamental areas, and therefore risk locking in the market of the past. In particular, we share the following concerns:
- A disproportionate focus on meeting wishes of the demand side, without due consideration for those supplying credits, particularly in developing countries
- Failure to address core issues on alignment with the Paris Agreement, in particular double claiming
- Insufficient regard to different applications of the voluntary carbon market that are emerging, which risks holding back the growth of new claims beyond offsetting
- A lack of provisions to value and encourage higher-integrity, higher-impact projects and activity scopes
- Proposals for governance that have a danger of stifling innovation or compromising equitable market access without due care, and that seem to relax conflict of interest rules for Founding Sponsors willing to cover the body's eye-watering costs
Gold Standard stands in support of the TSVCM's efforts if these genuinely act to build a higher-volume high-integrity market that can shift to dial in global efforts to tackle the climate crisis. Read our recommendations to achieve this in our full response to the TSVCM Phase II Report.