VCM Report: REDD credibility hits a wall and sinks standardised nature-based carbon credit contracts
The implosion of REDD credibility continued to dominate the voluntary carbon market last week with prices sliding again following news of certifier Verra suspending issuance of two connected Kenyan projects over allegations of sexual harassment and abuse by senior staff.
Read MoreSouth Pole board replaces boss Heuberger in wake of Kariba REDD+ project suspension
South Pole chief executive Renat Heuberger is stepping down from his position with immediate effect after losing the support of the board of the company in the wake of last month’s suspension by certifier Verra of the Kariba REDD+ project in Zimbabwe, the company said on Friday.
Read MoreVCM Report: Nature-based standardised carbon contracts hammered by REDD scandals
Nature-based standardised carbon credit prices suffered another hammer blow last week after certifier Verra suspended issuance and launched an investigation into another REDD project, although the news came too late to gauge the impact on the wider avoided deforestation sector.
Read MoreGlobal compliance market value to grow 5% in 2023 despite drop in traded volumes –report
Compliance carbon markets are expected to grow by around 5% in 2023, despite a predicted decline in total trading volumes as a consequence of the war in Ukraine, according to a new report.
Read MoreVCM Report: Early October enthusiasm for carbon credits fades after Kariba bad press
Activity in the voluntary carbon market dried up over the past last week compared to the flourish seen at the start of the fourth quarter, with confidence knocked by another dose of negative press about the troubled Kariba REDD project in Zimbabwe.
Read MoreCurrent carbon capture growth trajectory insufficient to meet net zero, fossil demand to peak by 2030, says IEA
Stronger policy support for carbon removals and capture, utilisation, and storage (CCUS) technologies is required to scale capacity to meet 2050 net zero goals, according to the International Energy Agency’s flagship energy report, which also forecasts peak fossil fuel demand this decade based on the current outlook.
Read MoreVCM Report: REDD prices splinter, corresponding adjustments create headache for first-phase CORSIA buying
Demand continued to diverge in the voluntary carbon market over the past week, with some corporates seeking cheap REDD avoided deforestation credits, while others eye ACR-certified units eligible for the first phase of the CORSIA international aviation offsetting scheme, which are expected to obtain corresponding adjustments.
Read MoreMajor financial trade body calls for standardised accounting across carbon markets
A lack of specific accounting standards for carbon credit trading has led a major financial industry trade association to publish a whitepaper offering guidance for the treatment of such units.
Read MoreVast majority of world’s coal companies have failed to set exit dates -report
Around 95% of the world’s thermal coal value chain lacks a phaseout commitment and only half of those with exit dates have timelines aligned with the Paris Agreement, according to an NGO-compiled report published on Thursday.
Read MoreUN floats new way to calculate cookstove project emissions cuts, receives criticism
UN-backed research to calculate emissions reductions from cookstove carbon projects has been put out for consultation as part of global efforts to address over-crediting concerns, though the work seems to have angered some government authorities and experts.
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