After a slump in the market, more rigour and a change in incentives is needed
Four years ago this month, former Bank of England governor Mark Carney issued a rallying cry for investment in carbon credits, through which companies could offset their emissions in pursuit of net zero targets. “This needs to be a $50-100bn per annum market,” Carney said. For a year or so after Carney’s remarks, it looked as if his vision could become reality. Volumes surged from a low base as corporations jostled to announce eye-catching green pledges. But now the market has gone into reverse.
A non-profit body that Carney helped to create — the Integrity Council for the Voluntary Carbon Market — has published quality standards, and started giving a seal of approval to methodologies deemed to meet them. Separately, last month’s COP29 climate summit in Baku approved a UN framework for a carbon trading mechanism. Yet, even if these entities can restore confidence in the integrity of the projects — a very big “if” indeed — we are still left with the second big problem: incentives.
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