ICVCM and VCMI Leaders Call for Scaled Carbon Market Finance at COP28

Annette Nazareth of the Integrity Council for the Voluntary Carbon Market (ICVCM) and Rachel Kyte of the Voluntary Carbon Markets Integrity Initiative (VCMI) have jointly called for deeper decarbonisation efforts and accelerated investment in clean infrastructure ahead of COP28. The two leaders argue that a high-integrity voluntary carbon market is a critical tool for mobilising private-sector finance to the Global South.

Writing ahead of the COP28 summit in Dubai, Nazareth and Kyte argued that carbon markets represent a necessary lever for channelling climate finance to developing economies at scale. They cited research indicating that companies engaging with voluntary carbon markets decarbonise faster and set more ambitious climate targets than those that do not. The joint statement calls on governments and businesses to align with integrity frameworks developed by ICVCM and VCMI, including the Core Carbon Principles and the Claims Code of Practice.

The call reflects growing recognition among policymakers of carbon markets as a vehicle for mobilising private investment in climate solutions. Both organisations have spent 2023 establishing supply-side and demand-side rules for the voluntary carbon market, aiming to build buyer confidence and direct capital to projects in the Global South. For India and other large emerging economies, high-integrity carbon markets offer a channel to attract international climate finance for nature protection and clean infrastructure without relying solely on public budgets.

The joint statement signals a coordinated push to operationalise integrity rules before and during COP28, where carbon market mechanisms under Article 6 of the Paris Agreement remain a key negotiating topic. Both organisations expect governments at COP28 to endorse high-integrity standards as a pre-condition for scaling voluntary carbon market activity. The ICVCM and VCMI have committed to continued collaboration to ensure end-to-end integrity from credit issuance to corporate climate claims.

Key figure — 2.7 billion tonnes annually — projected emissions reductions from nature-based solutions funded through the voluntary carbon market by 2030