For voluntary carbon markets to be institutionalized and to fulfil both investment goals and environmental ambitions, they need to be a well-established risk framework. Just as credit markets could not function properly without a rating, the evolution of VCM will require a set of formulaic and rigorous risk assessment parameters. This is more than just price transparency. Investors need to know what they are paying for and whether it meets their objectives. A rigorous rating methodology is essential. Sebastien Cross, Co-Founder, BeZero Carbon, Simon Crooks, CO-CIO, Fortinbras, Donna Lee, Co-Founder, Calyx Global & Samuel Gill – Co-founder and COO at Sylvera