The iCI launches foundational guidance for private markets on the Voluntary Carbon Market

The guidance provides an in-depth examination of the VCM, offering practical insights into responsible carbon credit procurement and opportunities to invest in innovative technological and nature-based solutions. As the VCM gains prominence, private markets are increasingly recognising its potential to complement robust emissions reduction strategies.

Key insights from the guidance:

• Private markets activity: The inaugural 2024 iCI VCM survey, published in November 2024, revealed nearly half of private market professionals are purchasing carbon credits, with 58% planning to increase their involvement in the coming year.
• Understanding the VCM: Additionally, the survey highlighted 75% of iCI members have an average to below-average understanding of the VCM. The guidance aims to simplify the complexities of the VCM, offering clear routes to engagement without introducing a new standard.
• Carbon credits and climate mitigation: High-quality carbon credits, when aligned with science-based emissions targets, can support the global transition to net-zero while delivering significant environmental and social co-benefits.
• Market growth: According to research by MSCI, the VCM, valued at approximately US $1.4 billion in 2024, is projected to grow to between US $7 billion and US $35 billion by 2030, and US $45 billion to US $250 billion by 2050.
• Investment opportunities: The document outlines three key pathways for private market investors to engage with the VCM:
  1. Investing in VCM companies
  2. Direct investment in carbon projects
  3. Investing in carbon funds
• Nature-based investments: Beyond carbon credits, the guidance emphasises the growing interest in nature-focused investments, including nature-based solutions and nature tech. These approaches deliver financial returns whilst addressing pressing environmental and climate challenges.

Dr. Serge Younes, Global Head of Sustainability at Investindustrial and Chair of the iCI, states ‘’This guidance represents a critical resource for private equity firms looking to contribute meaningfully to the global net-zero transition. Voluntary carbon credits are a strategic pillar of any robust decarbonisation and net-zero strategy. They enable private equity firms to offset emissions for both their operations and those of their funds and portfolio companies. When used alongside real economy decarbonisation measures, VCMs are a powerful tool to drive long-term climate impact’’.

Arjen Struijk, Global Business Line Lead for Climate and Nature at Anthesis, says: “We are proud to have collaborated with iCI to develop this guidance, which comes at a pivotal moment as more than half of the private markets’ participants plan to expand their activities in the VCM this year. The guide equips private market firms with the tools and insights needed to navigate the complexities of the VCM and make responsible investments in high-quality carbon credits and innovative solutions. The VCM presents a unique opportunity to do good while driving good business, aligning financial success with environmental and social impact. By actively participating in shaping the future of carbon markets, private markets can drive progress towards net-zero goals, address the supply-demand gap for credits, and play a leading role in advancing sustainable climate action.”

Bettina Reinboth, Director of Sustainability Initiatives at PRI, comments: “This guide is a practical resource designed to help private markets investors navigate the complex VCM landscape. It highlights the role of voluntary carbon credits in accelerating decarbonisation, providing actionable steps for investors to drive meaningful progress and achieve their own climate goals.”

Nicolas Theis, VP, Responsible Investments at Bregal Investments and Co-Chair of the iCI VCM Working Group, comments “The guidance effectively demystifies the complexities of the voluntary carbon market without introducing new standards, which was essential given that approximately 75% of surveyed iCI members reported having only an average or below-average understanding of this sector. It is our hope that this framework will lay the groundwork for constructive discussions on how to responsibly engage with the voluntary carbon market, which might unlock the business and climate opportunities this space presents’’.

To download a copy of the guidance, please visit New Foundational Guidance For Private Markets On The Voluntary Carbon Market | Anthesis Group

Contact Information

To arrange an interview or for any media enquiries, please contact:

Fight or Flight, [email protected]

Surina Martin, Press Officer, PRI, [email protected]

About iCI
The iCI is a global, practitioner-led community of private markets investors that seek to better understand and manage the risks associated with climate change. The iCI counts globally close to 290 members, representing more than US$4 trillion as asset under management as of January 2025. iCI members share a commitment to reduce carbon emissions of private companies and secure sustainable investment performance by recognising and incorporating the materiality of climate risk. In practice, this implies a commitment to effectively analyse and manage climate-related financial risk and greenhouse gas emissions in their portfolios, in line with the recommendations of the Financial Stability Board’s Task Force for Climate-related Financial Disclosures (TCFD). Members commit to sharing knowledge, experience, and best practice, working together to develop resources that will help standardise practices across the industry.

The iCI is supported by the PRI, a Supporting Partner of The Investor Agenda, and is open to all private markets firms and investors to join.

About Anthesis
With world-class expertise in science-based advisory, market-leading digital solutions, the development of high-quality carbon removal projects and purpose consulting, strategy, and communications, Anthesis is uniquely positioned to manage risk and find value for our clients on their transformation journeys. Anthesis supports over 4,000 clients, across all industry sectors, including multinationals such as Reckitt, Cisco. Tesco, Nestlé, and Target. The company brings together 1,400 experts guiding clients in 80 countries around the world, with offices in Australia, Belgium, Brazil, Canada, China, Colombia, Finland, France, Germany, Ireland, Italy, the Middle East, the Netherlands, the Philippines, Portugal, Singapore, South Africa, Spain, Sweden, the UK, and the US. For more information, visit www.anthesisgroup.com

About the Private Equity VCM Guidance
The Private Equity VCM Guidance, developed collaboratively by iCI and Anthesis, is a comprehensive resource designed to help private market participants navigate the complexities of the VCM. The guidance provides practical insights into responsible carbon credit procurement, integrating these credits with science-based emissions reduction targets to achieve meaningful climate impact. It highlights the importance of high-quality carbon credits as a complementary tool alongside robust decarbonisation strategies, enabling firms to offset emissions from both operations and portfolio companies while driving environmental and social co-benefits.

The guidance explores key investment opportunities within the VCM, including direct investments in carbon projects, carbon funds, and VCM-focused companies. Additionally, it emphasises the growing potential of Nature-based Solutions and Nature Tech investments, which address pressing environmental challenges while delivering returns. This guidance is designed to empower private equity firms and their portfolio companies to take actionable steps in addressing the climate crisis, enhancing their role in shaping the future of the VCM.