ICVCM states high-integrity carbon markets can support biodiversity and 30x30 targets
The Integrity Council for the Voluntary Carbon Market (ICVCM) has highlighted the role of high-integrity carbon markets in achieving global biodiversity targets, specifically the '30x30' goal to protect 30% of land and oceans by 2030. The ICVCM noted that current funding for biodiversity protection, at approximately $24 billion annually, falls significantly short of the estimated $100-180 billion needed. It suggested that the voluntary carbon market could channel $100 billion annually to nature-based solutions by 2050. The council cited Mombak's Reforesting the Brazilian Amazon Project 1, which aims to restore 27,000 hectares, as an example of a project generating carbon removals and biodiversity benefits, supported by a $19 million Fundo Clima loan and a $36 million World Bank bond.
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