COP28 has been a whirlwind of activity and it feels like this is finally the time that Voluntary Carbon Markets can move on from recent troubles and find new purpose and growth. A series of significant developments have signalled a pivotal moment, emphasising the theme that collaboration, rather than competition, is essential for scaling this market effectively.
These initiatives collectively aim to remove barriers for companies to responsibly offset emissions and contribute to keeping global temperature rise below 1.5C. They reflect a growing consensus on the need for high-integrity rules and a collaborative approach to meet global climate goals.
Prominent voices like UN Climate Change Executive Secretary Simon Stiell, World Bank President Ajay Banga, and US Special Climate Envoy John Kerry have underscored the importance of the VCM, especially for developing countries. Their statements emphasize that no country should be left behind in using the VCM and stress the need for developing countries to be compensated for climate benefits they provide.
This collective movement at COP28 is a clear message: The voluntary carbon market is a crucial tool for driving increased climate ambition and action. The emphasis is on integrity, clarity, and collaboration to ensure that the market scales effectively and equitably, supporting both technological and nature-based climate solutions.
In wider climate news, Over 60 countries signed the Global Cooling Pledge to cut cooling-related CO2 emissions by at least 68% by 2050.
In the UK and across Europe, Tim Atkinson and his award-winning team are playing a pivotal role in the decarbonisation of major industries as part of the carbon compliance team at CFP Energy, having traded over 100m carbon allowances in the past three years alone.
As part of the European-wide effort to achieve net zero, drive the energy transition forward and create a more sustainable world, CFP Energy is working to support organisations based in Germany covered by the national Emissions Trading System (nationales Emissionshandelssystem) (nEHS).
Mangrove forests are invaluable in the battle against climate change, providing essential services such as carbon sequestration, coastal protection, and biodiversity support. Carbon projects dedicated to restoring these ecosystems hold the promise of significantly advancing global climate objectives.
