Acknowledgements 2

I. Introduction 2

II. The Current Landscape and Continued Role of Credits 3

  Defining Carbon Credits and Credibility 3

  Historical Carbon Credit Market Failures 4

  Current Market Outlook 5

  Modernizing Carbon Credit Markets 6

III. Recent Progress Toward Reimagining Credits 7

  Science, Technology, and a Spectrum Approach toward Additionality 7

  Legal and Financial Innovations in Credit Durability 9

  Voluntary Action to Define Integrity and Mitigation Hierarchy 11

  Compliance Market Reforms to Incentivize Demand 12

  Coalitions to Make Markets Interoperable 14

IV. The Road Ahead for High-Integrity Carbon Credits 14

  Addressing Integrity Issues 15

  Incentivizing Investment 15

  Increasing Interoperability 16

Conclusion 17