Voluntary Carbon Market (VCM)

The voluntary carbon market enables companies and individuals to purchase carbon credits to offset emissions on a voluntary basis, outside of compliance obligations. Major standards include Verra (VCS), Gold Standard, American Carbon Registry, and Climate Action Reserve. The market grew to ~$2B in 2023 but faces credibility challenges around quality, additionality, and permanence. The ICVCM Core Carbon Principles and VCMI Claims Code aim to restore integrity.