Climate Now
Navigating Recent Changes to Voluntary Carbon Markets
Sep 10, 2024
Discover the intricate world of Voluntary Carbon Markets as the latest updates reshape how carbon credits are utilized. Learn about the Science Based Targets Initiative's new recommendations and their implications for corporate net-zero ambitions. Dive into the transition from ecosystem ecology to helping businesses meet their decarbonization goals. Uncover the challenges of carbon offset integrity and the role of registries in ensuring credit quality. Explore the Oxford Offsetting Principles and their critical role in steering effective strategies.
29:26
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Quick takeaways
- The recent updates from the Science Based Targets Initiative emphasize the importance of integrating carbon offsets into corporate net-zero strategies.
- Challenges persist in the voluntary carbon markets due to limited participation from high-emission sectors, impacting overall decarbonization efforts and equity.
Deep dives
Evolution and Importance of Carbon Markets
Carbon markets enable companies and individuals to purchase credits that represent the reduction or removal of greenhouse gases to offset their own emissions. The Science-Based Targets Initiative (SBTI) has been pivotal in establishing corporate net-zero standards, which are under review to clarify how carbon offsets should factor into these targets. The discussion centers around balancing ambitious corporate goals with tangible actions to decarbonize, ensuring that companies can rely on credit systems while pursuing internal sustainability measures. Understanding this framework is crucial as the market evolves, particularly with significant growth from $57 million in carbon credits sold in 2022 to over $3 billion by July 2024.
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