December 2020 – Carbonsink is proud to be among the protagonists of the Taskforce on Scaling Voluntary Carbon Markets. The Taskforce was launched by Mark Carney, UN Special Envoy on Climate Change, in view of the forthcoming World Climate Summit, COP26. Its aim is to further develop the voluntary carbon market and thus contribute to the achievement of the climate targets agreed at the Paris Climate Summit.
Andrea Maggiani, as Carbonsink’s CEO, actively participated in the Taskforce’s advisory group and contributed to the publication on 10 November of the “Consultation Document”, a document containing a series of recommendations for the private sector, developed directly by voluntary carbon market players (current and potential) to ensure that this market can meet the needs of its participants without compromising the integrity of decarbonisation.
“I am really very proud to have been included in the Consulting Group of the Taskforce on Scaling Voluntary Carbon Markets, and to have contributed to the creation of this important document” – underlined Andrea Maggiani.
As Legal Representative of Carbonsink, a consultancy company specialised in supporting major companies in measuring and reducing emissions and helping them to implement the most suitable climate change mitigation strategy,” he continued, “I believe it is essential to consolidate the voluntary carbon market, a fundamental tool to achieve the objectives agreed in the Paris Agreement, and to reach the level of decarbonisation needed to keep the global temperature increase below 1.5°C.
The Taskforce was convened last September to rapidly draw up a set of practical recommendations to develop a well-functioning voluntary market to support the transition to the mid-century net-zero emissions target. It was created as a private sector initiative with a mandate to develop a blueprint for the creation of a scalable, transparent and reliable voluntary carbon market that can:
Link the supply of carbon credits and offsets to demand in a transparent, and cost-effective manner.
Instill confidence and ensure credibility in trading / transactions of credits / offsets.
Meet the expected increase in demand from companies increasingly committed to achieving net-zero emissions.
The consultation document of the Taskforce on Scaling Voluntary Carbon Markets was produced by more than 50 members, experts representing over 20 sectors of the economy and six continents; it was also supported by a panel of subject matter experts from nearly 100 institutions.
A final report will emerge from the consultation, proposing a set of core principles, based on transparency, to encourage the development of voluntary market governance as much as possible; emphasising the need to facilitate the development of more structured financing; and encouraging best practice in clearing at the firm level.
The Taskforce will then update its draft based on feedback received and publish a final report in January 2021.