Financial executives in the voluntary carbon credit market are calling for the adoption of a new global quality assessment regime to address concerns about trust and transparency. The recent controversy surrounding the credibility of credits issued by Verra has raised alarm among investors. Tracy Wong Harris, Executive Vice-President of the Hong Kong Green Finance Association, highlighted the lack of transparency and trust in the market. The Integrity Council for the Voluntary Carbon Market has launched the “Core Carbon Principles” and an assessment framework to ensure high-quality standards for carbon credits. The initiative aims to make carbon credits quantifiable, traceable, and verified by an independent third party. By endorsing these principles, global marketplaces can enhance the standards of credits transacted on their platforms and increase buyer confidence. Hong Kong Exchanges and Clearing (HKEX) has engaged with the integrity council to collaborate on advancing the world’s net-zero transition. HKEX operates the Core Climate platform, which offers carbon credits from internationally-certified projects. The CCP-approved label is seen as essential for building trust and liquidity in the voluntary carbon credit market.
