The Biden administration has unveiled a new policy framework aimed at enhancing the integrity of the voluntary carbon offset market. The initiative, announced on Tuesday, May 28, introduces guidelines and principles designed to ensure that carbon credits deliver real emissions reductions. The policy seeks to establish 'guardrails' to boost confidence in the market, which has been criticized for lacking transparency and standardization. Treasury Secretary Janet Yellen and other officials discussed the new Joint Policy Statement and its role in advancing a low-carbon economy. The administration hopes these measures will help make carbon credits more credible and effective in reducing greenhouse gas emissions. The White House aims to clean up the 'wild west' of carbon credit markets and help them grow. Voluntary carbon markets can help unlock the power of private markets to reduce emissions.