Sid Jha

The dire consequences of climate change necessitate vast amounts of funding to curb emissions and restore our planet’s ecosystems. …the voluntary carbon market (VCM) has the potential to marshal tens of billions of dollars needed to finance projects that reduce emissions and ecosystem conservation efforts. But: In light of recent skepticism, is the VCM worth saving? I believe the simple answer is a resounding yes, but the reasoning requires a more nuanced exploration. At its most basic, the VCM allows entities to purchase carbon credits that equate to a quantifiable amount of carbon dioxide that’s been reduced, sidestepped or sequestered. But the current structure needs to be foolproof. There are wild fluctuations in credit values, myriad standards and the looming peril of double counting. These inconsistencies jeopardize the VCM’s core ethos: to finance initiatives that positively impact the environment. To be truly effective, the VCM must be rooted in undeniable, verifiable impact.