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

🗞️ Driving the news: The Biden administration is promoting voluntary carbon markets to finance international climate aid, but concerns persist that these markets may worsen climate change rather than mitigate it

🔭 The context: Voluntary carbon markets allow companies to buy credits for climate-friendly projects to offset their emissions
• However, investigations show many of these projects have limited impact, causing a significant decline in market demand

🌍 Why it matters for the planet: Critics argue that carbon markets enable polluters to delay direct emissions reductions, undermining the urgent actions needed to combat climate change

⏭️ What's next: Supporters are pushing for stricter regulations to ensure transparency and the credibility of carbon credits, hoping to restore faith in the system

💬 One quote: “As long as it’s being used as permission to pollute, it’s not actually contributing to climate mitigation,” says Danny Cullenward, energy policy expert at the University of Pennsylvania

📈 One stat: Carbon credit demand dropped from $2 billion in 2022 to $700 million in 2023

Click for more news covering the latest on carbon markets