April 18, 2024
(press release)
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SBTi’s recognition that carbon credits and other market-based instruments have a role in helping companies address their scope 3 emissions is welcome. Companies are not reducing emissions fast enough and most are struggling to meet their scope 3 goals. Without the requirement that they fill any gap with high quality carbon credits once they’ve made every reasonable effort to meet their targets, we risk falling further even behind in our efforts to reach Net Zero. VCMI is the standard setter for the use of carbon credits by companies as part of their net zero transitions. Our standards, which were informed by extensive consultation and technical research, show how credits can be used without delaying decarbonisation or greenwashing. We therefore look forward to working with SBTi to ensure that their work builds much needed clarity for businesses whose transitions to net zero need to gather pace and impact. Effective guidance will mean more companies will commit to net zero and more climate finance gets where it needs to, accelerating the transition to a net zero economy.
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