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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
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