VCM Report: Corporates not waiting for ICVCM’s CCP label to retire carbon credits
News of the Integrity Council for Voluntary Carbon Markets (ICVCM)’s progress report dominated the voluntary market that, for the second week running, was thin on activity but high on retirement volumes.
Read MoreHigh retirements of carbon credits in January shrinks oversupply for second month in a row
Retirements of carbon credits from the four largest voluntary carbon registries topped 20 million and outstripped issuances in January, although momentum slowed from the surprisingly high level of retirements in December, data from the Carbon Pulse VCM Portal shows.
Read MoreCLARIFICATION: Just 8% of carbon credits to be internally assessed for CCP label, with most methodologies requiring external expertise
Just 8% of voluntary carbon credits are to be internally reviewed for the ICVCM’s Core Carbon Principles (CCP) label, while almost half of the units in the market come from methodologies that the body said raise complex issues.
Read MoreChile’s offset mechanism for carbon tax compliance recognises three standards
Chile’s environment ministry has codified the names of three carbon credit standards into law, recognising them as sufficiently robust to qualify credits for compliance purposes under the country’s carbon tax scheme.
Read MoreINTERVIEW: UN-approved REDD carbon credits available for sale as ITMOs by June, says CfRN
The first UNFCCC-approved sovereign credits from REDD forestry protection, that can be used towards climate targets, will appear for sale in the middle of the year, and prices will likely be fixed annually in an OPEC-like cartel to counter market volatility, Kevin Conrad, the chief executive of the Coalition of Rainforest Nations (CfRN), told Carbon Pulse this week.
Read MoreVCM Outlook 2024: Voluntary carbon aims to bounce back with integrity drive
Voluntary carbon stakeholders have expressed an optimistic outlook for the market over the next 12 months, with robust year-end credit retirements, a swathe of imminent developments aiming to boost integrity, and expected price support from the UN’s CORSIA aviation offsetting scheme, all cited as reasons for why the VCM will be able to move forward after a bumpy 2023.
Read MoreVCM Report: Shell and signs of a REDD revival dominate voluntary carbon market
Shell’s ongoing retirement spree and signs of a REDD revival for fresh vintage credits dominated voluntary carbon market activity over the past week.
Read MoreSwitzerland, Thailand conclude first transaction of Article 6 carbon units for Paris Agreement compliance
The first-ever Internationally Transferred Mitigation Outcomes (ITMOs) for use under a national Paris Agreement emissions pledge have been delivered, with carbon units from activities in Thailand transacted to Switzerland, the parties announced Monday.
Read MoreVCM Report: Year-end rush sees 2023 carbon credit retirements top 2022 levels
Voluntary carbon credit retirements in 2023 exceeded the levels of a year earlier on major registries after a surge in activity in December.
Read MoreOver 1,000 CDM carbon projects apply for Article 6 transition
A total of 1,225 carbon activities registered under the Kyoto-era Clean Development Mechanism have taken the first steps towards transitioning to the Article 6.4 mechanism, according to UN data, as the deadline to apply expired at the end of 2023.
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