WASHINGTON (Wednesday, May 29, 2024) – Senator Debbie Stabenow (D-MI), Chairwoman of the Senate Committee on Agriculture, Nutrition, and Forestry, applauded progress by the Biden Administration to strengthen the integrity of voluntary carbon credit markets, marking a critical step to reaching their full potential as a valuable tool to achieve net zero emissions by 2050.
Stabenow said: “Addressing the climate crisis is one of the most urgent challenges we face, and our famers and foresters are an important part of that solution. Voluntary carbon credit markets generate new revenue streams for farmers, foresters, and rural communities, and there is clear enthusiasm across private industry and the public sector to tap into that potential. This announcement will strengthen the integrity of these markets and build a foundation for the future. That is a win-win for farmers, the economy, and the environment.”
Stabenow has long advocated for the potential of voluntary carbon markets to be a key tool in addressing the climate crisis. Her statement followed an announcement by the United Stated Department of Agriculture that it is beginning implementation of her bipartisan Growing Climate Solutions Act, which will help farmers, ranchers, and foresters access carbon markets. The Biden Administration Tuesday separately released voluntary principles for participation in voluntary carbon markets. This joint statement builds on guidance recently proposed by the Commodity Futures Trading Commission related to the listing of voluntary carbon credit derivative contracts.
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