· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Wall Street Journal or enjoy below:
🗞️ Driving the news: Leading economists, including Mark Carney and Michael Bloomberg, are advocating for higher integrity in voluntary carbon markets as a critical tool for achieving net-zero emissions
• They argue that improving the transparency and quality of carbon credits will unlock hundreds of billions of dollars for climate action in developing countries
• Several initiatives aimed at boosting market integrity are set to launch during Climate Week NYC
🔭 The context: Voluntary carbon markets have faced credibility issues due to an oversupply of low-quality credits, leading to a slump in sales in 2023-2024
• New bodies like ICVCM and VCMI are establishing standards to improve trust in these markets and increase their impact on climate goals
🌍 Why it matters for the planet: A more transparent and reliable carbon market could drive significant funding toward reforestation, clean energy, and habitat protection in developing nations, helping to combat global climate change
⏭️ What's next: The success of these efforts depends on gaining corporate and government trust in the new standards, which could lead to a market surge by 2050, estimated at up to $1.2 trillion annually
💬 One quote: “Voluntary carbon markets have the potential to help us move faster in the fight against climate change, but only if they operate with integrity and transparency,” said Michael Bloomberg
📈 One stat: Voluntary carbon markets are currently valued at around $1 billion annually, far below the $100 billion regulated carbon markets
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