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COP28: Carbon credit schemes unveil new 'integrity collaboration'

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Business Green or enjoy below:

🗞️ Driving the news: At COP28, six major carbon credit registries have committed to a new "integrity collaboration," aimed at enhancing the reliability and credibility of carbon markets

🔭 The context: This move comes in light of recent investigations that have raised serious concerns about the integrity of carbon credits and their actual impact on carbon reduction
• These concerns include allegations of human rights abuses and ineffective emission reductions linked to carbon credit projects

🌍 Why it matters for the planet: Carbon markets play a crucial role in driving private sector investment towards climate action in developing countries
• However, the effectiveness and ethical implications of these markets are under scrutiny, raising questions about their role in genuine emissions reduction

⏭️ What's next: The collaboration involves aligning standards for carbon removal accounting and extending the durability of carbon projects
• The signatories are also seeking independent assessment against the Core Carbon Principles to bolster market integrity

💬 One quote: "The challenges we confront in enabling finance and ensuring integrity are the same as those that governments face."

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