June 2022

The Integrity Council for the Voluntary 

Carbon Market – presentation for the 

Commodity Futures Trading Commission

Sonja Gibbs, Managing Director and Head of Sustainable Finance, Institute of 

International Finance; Member of the Board, the Integrity Council for the 

Voluntary Carbon Market (The Integrity Council)
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Carbon market offset issuance has slowed this year, with the bulk of 

issuance coming from independent registries trading in the 

voluntary carbon market space

0

50

100

150

200

250

300

350

400

2015 2016 2017 2018 2019 2020 2021 2022

Issuance

Retirement, rhs

MtCO2e*, 2022 figures are annualized

Source: IIF, VCS, GS, CAR, ACR; excludes ARB eligible issuance

*MtCO2e = million tonnes of carbon dioxide equivalent

0

50

100

150

200

250

300

350

400

450

500

2015 2016 2017 2018 2019 2020 2021

MtCO2e

Independent registries

International registries

Domestic registries

2022 estimate

Source: World Bank, IIF 
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Most carbon offset issuance originates in emerging markets, and 

agriculture, forestry, and land use credits make up the bulk of that 

issuance

*MtCO2e = million tonnes of carbon dioxide equivalent

0 20 40 60

Energy Generation

Agriculture, Forestry

& Land Use

Other

MtCO2e, data through 5/31/2022

Source: IIF, VCS, GS, CAR, ACR; excludes ARB eligible issuance

0

5

10

15

20

25

Q1 2022

Q2 2022

MtCO2e

Source: IIF, VCS, GS, CAR, ACR; excludes ARB eligible issuance
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The voluntary carbon market is developing rapidly... with new 

exchanges and trading platforms set to launch this year 

Japan Exchange Group (JPX) and the Japanese Ministry of Economy, Trade and Industry (METI) have commissioned 

the Tokyo Stock Exchange (TSE) to commence trial trading of carbon credits in September of 2022. 

Climate Impact X out of Singapore is a global platform for trading international carbon credits and environmental 

commodities set to launch in 2022. 

The London Stock Exchange’s Voluntary Carbon Market will be a designation for closed-ended investment funds 

focused on investing in climate mitigation projects... currently in a market consultation and expected to finalize 

towards the end of 2022. 

Developed by eight of the world’s largest financial institutions, Carbonplace is an innovative settlement platform 

designed to facilitate simple, transparent, and secure transfers of certified carbon credits. It is expected to be fully 

operational by the end of 2022. 
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Our purpose is to ensure the 

voluntary carbon market 

accelerates a just transition to 

1.5°C.

THE INTEGRITY 

COUNCIL FOR THE 

VOLUNTARY 

CARBON MARKET The Integrity Council for the Voluntary Carbon Market (Integrity 

Council) is an independent governance body for the voluntary carbon 

market. 

Our purpose is to ensure the voluntary carbon market accelerates a 

just transition to 1.5°C. 

We do this by setting and enforcing a definitive set of global threshold 

standards that will set a global benchmark for carbon credit quality, 

drawing on the best science and expertise available, so high-quality 

carbon credits channel finance towards genuine and additional 

greenhouse gas reductions and removals that go above and beyond 

what can otherwise be achieved, and contribute to climate resilient 

development. 
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ACCELERATING A JUST 

TRANSITION TO 1.5° A high-integrity VCM is an important complementary tool to accelerate action and ambition
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A high-integrity, scaled 

VCM would be...

C

L

E

A

N

CATALYTIC: mobilizing finance towards mitigation, especially into developing 

countries, accelerating innovation and market uptake of emerging 

breakthrough technologies

LOCAL: creating jobs and prosperity in local communities, delivering 

sustainable development co-benefits, protecting and enhancing the 

livelihoods of marginalized groups, including indigenous peoples

EMPOWERING: accelerating implementation of NDCs and Net-Zero 

commitments, paving the way for increased ambition, helping state and 

non-state actors go above and beyond

ADDITIONAL: channeling finance that would otherwise not be available into 

GHG removals and reductions that would otherwise not happen

NATURE-POSITIVE: protecting ecosystems, particularly forests and natural 

habitats, promoting nature-based climate solutions
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three pillars of a high-integrity VCM
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Our mandate

3

DEFINE ROADMAP

Help to coordinate and manage 

interlinkages between individual 

bodies; define a roadmap for the 

responsible growth of the Voluntary 

Carbon Market.

2

GOVERNANCE

Provide governance and oversight 

over standard setting organizations 

on adherence to CCPs as well as on 

market infrastructure and participant 

eligibility.

1

CORE CARBON 

PRINCIPLES

Establish, host, and curate a set of 

Core Carbon Principles (CCPs), a 

definitive set of global threshold 

standards that will set a global 

benchmark for carbon credit quality.
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Draft core carbon principles
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1 billion tons (GtCO2) of additional annual emission reductions or removals » CCPs are widely accepted as delivering high-integrity and legitimately accelerating a just transition to 1.5oC

» CCP-compliant credits are established as the market ‘norm’ and are preferred by the majority of buyers

» CCP-compliant credits are accessible through standardized and liquid on exchanges and platforms

» CCP-compliant credits benefit from clear price signals

By mid-2022

» Establish Core Carbon 

Principles and 

Assessment 

Framework

By end 2023

» Regular CCP assessments and ongoing oversight of approved carbon credit standards 

organizations and methodology types 

» Approve first CCP-labelled credits by accredited programs

» First prompt trades of CCP credits

» Forward market emerges for primary CCP contracts

» Secondary market emerges with first listings of CCP futures

» CCP-accredited credit market grows ~25% a year

By end-2022

» Assess and accredit first CCP-eligible 

programs for key methodology types

» Establish standards and mechanisms for 

robust, standardized market operations 

and infrastructure

By end 2024

» The Integrity Council is an independent 

organization with a sustainable revenue 

model

2022 2023 2024 2025

Our goal for 2025
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The integrity council encompasses deep and varied 

expertise
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Board of directors

The Board consists of 21 Board Members with representation across all key stakeholder groups including experts in carbon market 

methodologies, sustainable finance, eNGOs, UNFCCC process expertise, regulatory affairs, the corporate sector, science and academia, local 

community and indigenous peoples. 
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Expert panel

Our Expert Panel, which guides the governing body on technical issues, is made up of 12 leading carbon market experts with long-standing 

experience in the environmental and social integrity of carbon markets, supported by a body of Subject Matter Experts. 
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Distinguished advisory group

The Distinguished Advisory Board Group includes around 30 world-renowned leaders from across the voluntary carbon market value chain 

who provide strategic insight and advice to the Board. 
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Founding sponsors