Treasury Secretary Janet Yellen will join an event outlining the government's vision for 'high-integrity' carbon markets, aimed at boosting confidence in a system that critics have panned as greenwashing. Photo: KAMIL KRZACZYNSKI / AFP/FilePresident Joe Biden's administration is set Tuesday to unveil"guardrails" it says will ensure that carbon offset markets effectively reduce greenhouse gas emissions, a significant win for advocates of the contentious schemes.
"I believe that harnessing the power of markets and private capital is critical. This includes efforts to grow high-integrity voluntary carbon markets."Carbon credits enable corporations and countries to offset their greenhouse gas emissions, with each credit representing the reduction or removal of one tonne of CO2, often in developing countries through projects combating deforestation.
"These will help increase investment in projects that reduce emissions and help more businesses grow while reducing their carbon footprints," he said in a statement with UN special envoy on climate action and finance Mark Carney, and Mary Schapiro, former chair of the US securities and exchange commission.