Scaling Voluntary Carbon Markets: Phase II Public Consultation:
The Task Force Voluntary Carbon Market (“Task Force”) is a private sector initiative that works to expand an effective and efficient carbon voluntary credit market to achieve the objectives of the Paris Agreement.
The task force is led by Mark Carney, United Nations Special Envoy for Climate Action and Financial Advisor to British Prime Minister Boris Johnson for the 26th meeting of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC). The task force leader is Bill Winters, CEO of Standard Chartered Group and sponsored by the International Finance Institute (“IIF”) led by Tim Adams, president, and CEO of IIF.
It consists of more than 250 member institutions and advisory groups representing carbon credit buyers and sellers, regulators, the financial sector, market infrastructure providers, including White & Case Ingrid York, and relevant trade associations. The Phase I Task Force Final Report (“Phase I Final Report”) was presented on the Davos Agenda 2021 by Bill Gates, Mark Carney, Bill Winters, and Annette Nazareth.
The task force has started a new consultation process (“Phase II Consultation”) on three main topics:
1. the creation of a new comprehensive regulatory body to oversee the growth of voluntary carbon markets;
2. development of legal principles and contracts; HIS
Definitions of Basic Carbon Principles (“CCP”) Definitions of credit integrity.
The Task Team published three documents as part of the Phase II consultation (“Phase II Consultation Papers”), including:
1. a ‘public consultation report’ (‘report’);
2. Manage the “order” and seek the first involvement of stakeholders; HIS
A ‘technical supplement’ to the public consultation containing the analysis of the material of the two previous documents.
The Phase II consultation documents were developed with the extensive involvement of the task force and members of the working group.
The Phase II consultation is the first outcome of the Phase II task force project to expand voluntary carbon markets, the “development and implementation” phase. The Phase II consultation follows the Phase I consultation on an initial voluntary greenhouse gas or carbon market project published on 10 November 2020, which will be summarized here in our client notice of 13 November 2020 (Voluntary Carbon Markets: One Phase ). Consultation II also follows the publication of the final Phase I report following the initial consultation in November and December 2020, summarized in our Client Consultations in February 2021 (Final Voluntary Carbon Markets Report).
Evaluation of the Phase II consultation
The report is compiled in four chapters containing specific details on how the task force aims to promote the development and growth of voluntary carbon markets. The chapters are supplemented by research questions on public consultation. The four chapters include:
• Objectives and focus of the work team. The Task Force has the dual ambition to provide high credit integrity loans and solid, transparent, and liquid markets. The remaining chapters of the report further illustrate the methods to be followed to achieve this ambition.
• Government. The latest Phase I report identified the need for a stronger management regime and this chapter describes the work of the new Task Force working group, a concrete plan, and recommendations for the mandate, planning, organization and implementation of the new Task Force offered. , Introduce yourself. monitor the voluntary carbon market on a large scale.
• Legal principles and contracts. This chapter focuses on the work of the new Task Force Working Group on Legal Principles and Contracts, of which Ingrid was the Workflow Manager in York, which aims to standardize the legal framework to support the issuance of the carbon loan for improving liquidity. The new working group addressed this objective by defining usage cases to make participants aware of market usage practices, explaining operational requirements for model usage conditions, and also developing general operating conditions.
• Credit integrity. The newly expanded regulatory body will use the expertise of the newly established Credit Integrity Task Force to support management.