Posted: 8 Dec 2022 Resource Type: Research Report Download Back Climate change is a global issue that requires a co-ordinated global response. The Sharm el-Sheikh Implementation Plan agreed at COP27 concluded that a global transformation to a low-carbon economy is expected to require investment of at least USD $4-6 trillion a year. The City of London Corporation, the UK Voluntary Carbon Markets Forum, and Clifford Chance LLP have collaborated on this research paper to identify and help address some of the most pertinent uncertainties and other issues facing the Paris mechanisms and the Voluntary Carbon Market (VCM). It is intended to promote useful discussion on the topic globally and drive forward progress. As the need for climate action becomes increasingly urgent, and the number of firms committing to net-zero continues to grow rapidly, the VCM could reach USD $50 billion in value by 2030. However, uncertainties surrounding Article 6 of the Paris Agreement and its implications for the VCM are holding back activity. The VCM presents an opportunity for immediate climate action by delivering the significant private funding to climate positive investments. The VCM also enables companies to support decarbonisation beyond their own carbon footprint and accelerate the broader transition to a lower carbon future. Download the executive summary. Share: Share to LinkedIn LinkedIn Share to X Share to Facebook Facebook Share to WeChat WeChat Share to WhatsApp WhatsApp Share to Email Email Download Related content Research Report Unlocking AI skills in financial and professional services Jun 2025 - A bold, practical proposal to address the UK’s AI skills gap in financial services. Unlocking AI skills in financial and professional services Research Report From commitment to action | Tracking UK financial services’ progress on the pathway to net zero Jun 2025 - The third edition of From Commitment to Action, developed for the Net Zero Delivery Summit, tracking progress of financial services firms’ net zero commitments in both the UK and globally. From commitment to action | Tracking UK financial services’ progress on the pathway to net zero Thought Piece Price (some of) it now or pay more later: the case for letting carbon markets get to work Jun 2025 - Why outdated labels are a symptom of stalling progress—and how markets can fix it, a guest blog from Gordon Bennett, Managing Director, ICE Price (some of) it now or pay more later: the case for letting carbon markets get to work Research Report Scaling the global carbon markets Jun 2025 - Building on our 2022 report Enabling the Voluntary Carbon Market, this paper reflects on progress to date and refreshes our earlier recommendations. Scaling the global carbon markets