A sector that's mostly unproven and unreliable is getting increased federal support.
These credits can help companies cut emissions by financing renewables projects, forest protection, and more.
But the market has long been sketchy and stunted, with investigations and studies showing some promised cuts to carbon dioxide don't happen, or can't be verified. VCMs can "help unlock the power of private markets to reduce emissions," but only if "significant existing challenges" are tackled, Treasury Secretary Janet Yellen said.Ensuring credit-generating projects bring CO2 cuts that wouldn't have occurred otherwise, and that results are verified by accredited third parties.VCMs are small today, around $2 billion annually, partly because of their dicey reputation.
But there's potential to steer far more private capital into climate projects via VCMs. For instance, the Boston Consulting Group sees a market up $40B by 2030, while Morgan Stanley sees up to $250B in 2050
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