The joint policy statement and principles provide integrity standards for carbon credits that both the US government and participants in the voluntary carbon market should aim to follow.

By Jean-Philippe Brisson, Michael Dreibelbis, Tal Carmeli, and Phil Goldberg

On May 28, 2024, the Biden Administration released the Voluntary Carbon Markets Joint Policy Statement and Principles for Responsible Participation in Voluntary Carbon Markets (the VCM Policy). The VCM Policy is co-signed by US Secretary of the Treasury Janet Yellen, US Secretary of Agriculture Tom Vilsack, US Secretary of Energy Jennifer Granholm, International Climate Policy Senior Advisor John Podesta, National Economic Advisor Lael Brainard, and National Climate Advisor Ali Zaidi.

The VCM Policy represents the executive branch of the US government’s position with respect to the role of the voluntary carbon market (VCM) in supporting decarbonization efforts in the United States and globally. This announcement is significant and timely because it was released at a time when some have questioned whether voluntary carbon credits are an appropriate tool for reducing greenhouse gas (GHG) emissions.