(6 December 2023, Dubai) The UN Sustainable Stock Exchanges initiative contributed to two meetings held at COP28 around the topic of voluntary carbon markets (VCMs) and the contribution these markets can make in the transition to net zero.

IOSCO session on VCMs

On 3 December 2023, the UNSSE joined a panel discussion hosted by the International Organisation of Securities Commissions (IOSCO) on the topic “How to improve the integrity of voluntary carbon markets (VCMs)”. The discussion supported IOSCO’s launch of a 90-day public consultation report outlining a set of Good Practices to promote the integrity and orderly functioning of VCMs. 

Co-moderated by Verena Ross, co-Chair of the STF Carbon Markets Workstream and Chair of the European Securities and Markets Authority (ESMA), and Rostin Behnam, IOSCO Vice-Chairman and co-Chair of the STF Carbon Markets Workstream as well as Chairman of the United States Commodity Futures Trading Commission (US CFTC), the panel comprised Riham ElGizy (CEO MENA Voluntary Carbon Market), Lisa Wilson (Managing Director, XTCC Investments), Anshari Rahmann (Director/ Policy & Analytics, GenZero) and Corli le Roux (Senior Specialist, UN SSE). 

Ms. le Roux provided insights on the role that exchanges can play in promoting the integrity and scale of these markets, drawing from the lessons learned in the recently-launched SSE publication How exchanges can maximize the opportunities of carbon markets: an action framework to guide exchanges. This SSE framework was built with the valuable inputs of 88 experts from 58 organizations across 39 countries, comprising the SSE Carbon Markets Advisory Group.

Nasdaq event addressing VCMs

On 5 December 2023, Nasdaq convened a panel discussion entitled “How can MEA markets and beyond address climate change?” UN SSE Senior Specialist Corli le Roux joined panelists from the Abu Dhabi Securities Exchange, Climate Impact X and the World Federation of Exchanges, with the session moderated by Nasdaq. 

Ms. le Roux noted the leadership taken by exchanges committing to net zero through the GFANZ Net Zero Financial Service Providers Initiative. The discussion also focused on the evolution of VCMs, and how exchanges are increasingly playing a role in various points of the carbon market value chain. Ms. le Roux commented on the challenges experienced and potential actions that exchanges can take when considering involvement in VCMs.