Abstract
Abstract Over the past several years, transactions for the voluntary purchase and sale of greenhouse gas (GHG) emissions reductions have grown significantly. Also known as the ‘voluntary carbon market’, this market has provided a benefit to the climate by building public awareness and infrastructure for transactions and informing government climate policy. This chapter begins with a background on the voluntary carbon market — what it is and the reasons for its growth. It elaborates on the contribution of the voluntary market including the development of GHG reduction accounting standards, registries and policy. It then discusses the additional actions that could be taken in this respect, and identifies the potential need to clarify the legal nature of reductions in the voluntary market.
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