Switched On Do or Die: Carbon Offset Markets Face Critical Year
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Apr 10, 2024 Layla Khanfar and Kyle Harrison discuss the growth and challenges of voluntary carbon markets, different types of offsets available, and private companies' role in filling regulatory gaps. They explore BNEF's long-term carbon-market scenarios and the trends driving the transition to a lower-carbon economy, emphasizing the need for quality standards and collaboration to enhance market cohesion.
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2023: A Tumultuous Year for Voluntary Carbon Markets
- The voluntary carbon market grew significantly in 2023, despite public scrutiny and scandals.
- COP28 failed to produce a global agreement on carbon credits, making 2024 critical for the sector.
Challenges and Concerns in the Voluntary Carbon Market
- Media scrutiny, lawsuits, and falling prices spurred concerns about the carbon market's viability.
- Companies faced legal action for using carbon offsets, highlighting the market's instability.
Distrust and the Need for Standardization
- Distrust from the public and companies buying offsets impacted the market.
- Standardization efforts aim to address these concerns and build confidence.