At COP28, banks, officials, and regulators supported efforts to restore the credibility of the voluntary carbon credit market, which has been damaged by allegations of unreliability. Certification bodies like Verra are aiming to align with new standards from the Integrity Council for Voluntary Carbon Markets to ensure authenticity and prevent double-counting. The US climate envoy John Kerry and others believe a properly regulated market could become the world’s largest, helping finance clean energy transitions in emerging markets. Despite the push, there’s caution against allowing voluntary credits to replace actual emissions reductions by companies and governments.
UN says voluntary models cannot be substitute for emissions cuts by private sector
Source: COP28 finance leaders try to revive decimated carbon credits market | FT.com