EKI Energy applauds Biden-Harris Administration's support for voluntary carbon markets
Sustainability

EKI Energy applauds Biden-Harris Administration's support for voluntary carbon markets

These principles aim to ensure that carbon markets drive meaningful climate action while promoting economic opportunity

  • By ICN Bureau | June 08, 2024

EKI Energy Services Ltd., a leading global developer and supplier of carbon credits in International Carbon Markets, welcomes and applauds the Biden-Harris Administration's announcement of new principles for high-integrity voluntary carbon markets. The release of these principles, accompanied by a Joint Statement of Policy, marks a significant step towards advancing credible and ambitious climate action.

The principles, endorsed by top officials underscore the U.S. government's commitment to fostering responsible participation in voluntary carbon markets. By setting clear incentives and guardrails, these principles aim to ensure that carbon markets drive meaningful climate action while promoting economic opportunity.

Manish Dabkara, Chairman & MD of EKI Energy Services Ltd. (EKI), said, "We commend the Biden-Harris Administration for taking proactive steps to advance high-integrity voluntary carbon markets. These principles align with our commitment to transparency, accountability and environmental stewardship. By establishing robust standards and ensuring the credibility of carbon credits, we can mobilize private finance at scale for projects that reduce and remove greenhouse gas emissions."

"EKI remains committed to supporting the responsible development of voluntary carbon markets and looks forward to collaborating with stakeholders to achieve our shared climate goals", he added. "Together, we can address the urgent challenge of climate change and build a more sustainable future for generations to come."

Naveen Sharma, Director - Global Carbon Sales and Origination, EKI Energy Services said, "We warmly welcome the Biden-Harris Administration's commitment to bolstering the integrity of voluntary carbon markets. These new principles provide a solid framework for fostering transparency and accountability in carbon credit trading, which is essential for driving meaningful climate action."

The Voluntary Carbon Markets (VCM) have the potential to drive significant progress in combating climate change, yet they face challenges in ensuring the integrity and credibility of carbon credits. Recent observations have revealed discrepancies in the reliability of crediting methodologies, leading to concerns about transparency and accountability in the market.

The new Principles will effectively tackle these challenges while also ensuring the high integrity of the Voluntary Carbon Market. These principles aim to establish robust standards for carbon credit supply and demand, improve market functioning and ensure fair treatment of all participants. By prioritizing measurable emissions reductions, promoting transparency and fostering market integrity, these principles will support the responsible development of VCMs and help drive ambitious climate action.

A Morgan Stanley Research estimates the Voluntary Carbon Market to grow to about $100 billion by 2030 and around $250 billion by 2050. The release of new principles by the Biden-Harris Administration will further bolster this projected growth trajectory, providing a significant boost to investor confidence and catalyzing greater participation in carbon credit trading.

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