CERTIFICATION BODIES OF VOLUNTARY CARBON MARKETS IN THE CONTEXT OF INVESTMENT SUPPORT FOR THE SUSTAINABLE DEVELOPMENT OF AGRICULTURAL ENTERPRISES
Abstract
The article examines the role of certification bodies of voluntary carbon markets in shaping the investment environment for the implementation of sustainable and climate-oriented practices in agriculture. It is argued that the transition of agricultural enterprises toward sustainable development requires not only technological change but also access to additional financial sources, among which carbon credits play a significant role. From a management perspective, participation in carbon projects depends on the ability of enterprises to comply with certification requirements and to assess related investment risks. The study shows that certification bodies of voluntary carbon markets, including Verra, Gold Standard, American Carbon Registry, Climate Action Reserve, Plan Vivo and ONCRA, provide institutional guarantees of the credibility of climate outcomes and create the basis for investor trust. Their standards define access conditions to carbon finance and influence the economic feasibility of climate-oriented projects. The article systematizes the functions of these bodies, presents their comparative analysis, and examines their influence on investment decisions of agricultural producers. Particular attention is paid to the barriers faced by Ukrainian agricultural enterprises when entering international carbon markets, such as methodological complexity, high transaction costs, limited MRV infrastructure and regulatory uncertainty. Based on the research results, the key institutional, methodological and organizational barriers to the certification of carbon projects are summarized, and their impact on investment decisions and participation risks for agricultural enterprises is analyzed. The study demonstrates how certification requirements shape access to carbon finance and influence the economic feasibility of participation in voluntary carbon markets for Ukrainian producers. The results highlight the importance of aligning certification frameworks with national agricultural conditions in order to reduce uncertainty and improve the accessibility of voluntary carbon markets. The study is relevant for researchers, practitioners, investors and stakeholders involved in carbon project development.
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