VCM global development and practical application for Kazakhstan

Introduction

In recent years, the Voluntary Carbon Market (VCM) has undergone rapid growth and transformation, driven by evolving standards, methodologies, and governance frameworks designed to improve transparency, integrity, and environmental impact. This report aims to raise awareness of the key aspects the VCM, while exploring its global development and practical application within Kazakhstan.

The report starts with an introductory section containing the essential background information, including a definition of the VCM and an overview of the various types of carbon projects it encompasses. The first section examines the role of leading global organisations—such as the Integrity Council for the Voluntary Carbon Market (ICVCM), the Voluntary Carbon Markets Integrity Initiative (VCMI), and the International Carbon Reduction and Offset Alliance (ICROA)—with particular emphasis on their principles and codes of practice that underpin market credibility.

The second section offers a comparative overview of the world’s leading carbon crediting programmes: Verra’s Verified Carbon Standard (VCS) and the Gold Standard. It provides a comparison of their sectoral coverage, geographical reach, certification processes, acceptance within national carbon pricing mechanisms, and other parameters.

The third section provides an overview of the global VCM carbon pricing trends by project type, regions, and credit vintage. The role of certification labels in both compliance and voluntary markets is also evaluated.

Finally, the report addresses the practical implementation of VCM in Kazakhstan, offering practical guidance for carbon project developers and market participants. It provides an overview of the key actors within the market and outlines the essential steps involved in carbon project development—from initial concept through to the issuance of carbon credits. The ultimate goal of this section, and of the report as a whole, is to support Kazakhstan’s integration into the global carbon economy.

Key Findings

Highlight 1: The voluntary carbon credit market has demonstrated steady growth in recent years.

Between 2019 and 2022 alone, prices for most carbon credit categories increased by 30–40% annually. Over the past two years, market dynamics have stabilized, but the structure of demand has shifted: while renewable energy projects previously dominated, today nature-based solutions, such as forest conservation, land restoration, and soil improvement projects are generating increasing interest. The price of such carbon credits reaches 15–20 USD per ton of CO₂, making them attractive for project developers.

Highlight 2: The aviation industry is providing additional impetus for market growth.

Starting in 2027, international airlines will be required to offset their emissions under the ICAO CORSIA program. This will generate substantial additional demand for high-quality carbon credits worldwide. Currently, 129 countries have joined the program, including Kazakhstan, which has been participating since 2019. This creates opportunities for sale of domestic carbon credits to meet the obligations of Kazakhstani airlines as well as foreign carriers.