A new report on the voluntary carbon market (VCM) found a shift towards high-integrity credits that provide benefits going beyond greenhouse gas mitigation.
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Carbon market standard setter Verra is launching what it calls a “transformative new methodology for protecting forests”. It includes a new approach to setting baselines for calculating emissions reductions from forest conservation activities under the landmark Verified Carbon Standard (VCS) – itself updated in September 2023.
Governments continue to increase focus on the potential for green growth, as the UK launches a £960 million investment programme. Meanwhile, insurance is going to play a central role in the effective transition to a nature-positive net zero economy, as no projects (and no fossil fuel exploitation) will occur without the appropriate insurance. The EU is currently under fire for failing to make transition plans mandatory for insurers under forthcoming Solvency II regulations, while Lloyds has taken a step forward with the launch of a consultation on the transition.
Climate negotiators at COP28 may bolster carbon trading when they decide on rules for a new United Nations-overseen emissions market that can lower the cost of fighting global warming.