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 The Global City sustainable finance hub London and the UK are positioned to take a leading role in galvanising the action needed to drive progress across the global ESG agenda. Visit the sustainable finance hub Related content Case Study Findlay Park | vertical: asset management Apr 2024 - We spoke to Simon Pryke, CEO of Findlay Park, about the growing appeal of boutique investment managers and why London remains a pre-eminent asset management centre for global investors. Findlay Park | vertical: asset management Thought Piece Why should the UK be your first choice for fintech business growth? Apr 2024 - The UK is a global leader in financial technology and innovative solutions. International fintechs wanting to locate or invest here stand to benefit from a one of kind ecosystem for innovation to catalyse their business growth. Why should the UK be your first choice for fintech business growth? Research Report RegTech Test Apr 2024 - This report calls for the Prudential Regulation Authority and Financial Conduct Authority to introduce a ‘RegTech Test’ to help assess how technology can best enable regulatory compliance. RegTech Test News UK-Saudi Sustainable Infrastructure Summit 2024 Mar 2024 - The City of London Corporation in collaboration with The Saudi British Joint Business Council are delighted to announce the UK-Saudi Arabia Sustainable Infrastructure Summit. UK-Saudi Sustainable Infrastructure Summit 2024