EDF Statement on Net Zero High Level Expert Group Report to COP27: Integrity of Carbon Credits Key to Reaching Net Zero and 1.5 Degrees Targets

Sharm el-Sheikh, Egypt — The United Nations Secretary-General’s High-Level Panel of Experts on Net Zero Emissions Commitments by Non-State Entities released a report during COP27 on Net Zero Commitments by Non-State Actors , in particular companies, institutions and municipalities. The report includes recommendations and guidance to help non-state actors meet their net zero claims and avoid any ambiguity or greenwashing.

In addition to highlighting the importance of internal decarbonization strategies for those fighting for net zero, the report highlights the importance of high standards of integrity for all carbon credits and for the voluntary carbon market.

In response to the report, the Executive Vice President of Impact of the Environmental Defense Fund (EDF), Angela Churie Kalhaugereleased the following statement:

To keep the 1.5 degree goal within reach, we need integrity. We cannot achieve our climate goals without including carbon credits, and we cannot have effective credits without integrity.

We cannot let shoddy virtual credits dilute the power of verified, science-based jurisdictional approaches that drive emissions reductions, protect forests, support communities, and reduce pollution. High integrity carbon credits can help us realize all of these transformational benefits.

At COP27, we urge all businesses, countries and stakeholders to raise their climate ambition and invest in achieving those ambitions. This report’s roadmap to net zero commitments sends a clear message to all who participate in the voluntary carbon market: high integrity matters.

Environmental Defense Fund participates in several initiatives aimed at uniting voluntary players in the carbon market around clear standards of quality and integrity. The Carbon Credit Quality Initiativeled by EDF, WWF and Oeko-Institut, provides transparent information on the quality of carbon credit types, allowing users to better understand how to find quality carbon credits that offer higher climate mitigation impacts and offer greater social and environmental benefits.

EDF is also heavily involved in the voluntary Carbon Market Integrity Council, which recently issued its Carbon Fundamentalswhich aim to establish new threshold standards for high-quality carbon credits.