· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Carbon Herald or enjoy below:
🗞️ Driving the news: Abatable's latest report reveals that the voluntary carbon market (VCM) is at a crucial juncture, with 2023 serving as a pivotal year that could signal the dawn of a new era
• The report emphasizes the growing investment and significant increase in carbon credit issuance from the top 25 project developers, alongside a shift towards greater market diversity and integrity
🔭 The context: The VCM saw a redistribution of issued credits in 2023, with a notable rise in participation from newer, smaller developers
• This change indicates a dynamic evolution of the market. REDD+ projects remain dominant in the nature-based solutions sector, despite facing numerous challenges
🌍 Why it matters for the planet: The voluntary carbon market plays a crucial role in global efforts to reduce carbon emissions, offering a mechanism for funding sustainable projects worldwide
• As the market grows and aligns more closely with rigorous standards like the CCPs, it can contribute more effectively to climate change mitigation, ensuring that investments genuinely lead to reduced emissions and environmental benefits
⏭️ What's next: The VCM is navigating the early stages of integrating the CCPs, with over half of the circulating credits issued using methods currently under CCP compliance review
• This transition period presents opportunities and challenges, as stakeholders work towards a more transparent, reliable, and effective market
💬 One quote: "While we have seen significant growth and interest in carbon credit initiatives and early indications show a move towards greater market integrity, challenges remain as we navigate the implications of the forthcoming Core Carbon Principles,” says Maria Eugenia Filmanovic, co-founder of Abatable.
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