It all needs to work…
For the last 12 months I’ve been working with a team at EY spread across the planet to figure out why the voluntary carbon market is not scaling.? As we land here at COP28 we have a simple message….
It all needs to work.
Countries, companies, and individuals all need to do their part to aggressively decarbonize but that won’t be enough.? Capital needs to go to work in a high-quality carbon market. ?We believe we are pushing on an open door and the North Star needs to be that a company’s financial statement includes audited emissions and audited offsets.
This week at COP28 EY is starting that journey with the Global Carbon Market Utility (GCMU).? GCMU launched last year at COP27 and has been busy at work over the last 12 months to design an approach that fits inside current accounting policies and recognised financial market infrastructure.? In the last two months a cross-functional team across EY has been working to turbo charge this work because we believe that decarbonisation is priority number 1…. but we also believe that capital flowing into nature and hard tech innovation is a good thing.
Much more to come on this in the new year. We will need everyone’s help.? 2030-2040 is the decade where private industry should pump over $1 trillion into climate innovation.? We need to start now to create the market infrastructure to enable this investment.? It all needs to work so that we can have a chance at saving this planet.
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A big thanks to GCMU, and a big crew at EY.
Chris Canavan Filipe Blackwood Oliveira Brian Osias James Closser Steven Strongin Lisa Bethancourt Angela Zhang
Carmine Di Sibio Amy Brachio Steve Varley Shawn Maher Matt R. Fran?ois Langlois Gillian Lofts Omar Ali Alex Hitchcock Mary Karol Cline Richard Suhr Matthew Bell Ben Taylor Jeanne Boillet Anne-Marie Hubert, C.M., FCPA, FCA, LLD Patrick Cavanagh Brian Gelfand George Prieksaitis, CPA, CA, LPA, CPA(Illinois) Andrew Wickham Soofia Noor Marco Duso Sheri R. Hinish David Rae Heather Taylor, FCA, FCPA
Chief Marketing Officer | Product MVP Expert | Cyber Security Enthusiast | @ GITEX DUBAI in October
9 个月Mike, thanks for sharing!
Transforming financial markets: Vision and leadership in strategy, operations, relationship management, and regulatory affairs for digital and traditional assets..
1 年It is a real privilege to be a part of this very meaningful initiative - and a pleasure to work with the GCMU and EY teams!
CEO and Co-Founder at CienDos
1 年Great to see your passion shine through for such a valuable initiative - and one that will drive a need for improved data accuracy on emissions and offsets across the value chain.
EY Partner | Digital | Innovation | Sustainability | Financial Advisory
1 年Love this - sentiment and progress
Accountant and Tax expert | Crypto Tax Specialist | Board Member | Co-founder of The Kapuhala Longevity Retreats
1 年Your passion about work is truly termedous Mike Zehetmayr ?? Countries, companies, and individuals all need to do their part to aggressively decarbonize but that won’t be enough.? Capital needs to go to work in a high-quality carbon market.