Carbon Credits to Take Center Stage at UN COP28 Climate Talks
- Media Manager
- Nov 2, 2023
- 1 min read
Carbon Credits
Written By: Jennifer L
Published: November 3rd, 2023
At the upcoming UN climate talks, COP28, in Dubai next month, carbon credits will take center stage. These credits, bought by companies to offset their carbon emissions, allow them to consider consumed goods and services ‘carbon neutral’.
Carbon credits are from various projects that suck in or store carbon. These include anti-deforestation efforts, replacement of coal-fired power plants with renewables, and energy-efficient cookstoves.
Each credit signifies the reduction or removal of one tonne of CO2, allowing businesses to offset their CO2 footprint.
Carbon credits have grown since their integration into the 1997 Kyoto Protocol. However, their credibility faced substantial questioning this year following several scientific studies and investigative reports casted doubts on the voluntary carbon market (VCM), which operates independently of the UN process.
At the COP27 climate summit last year, the UN Secretary General expressed concerns about the lack of standards, regulations, and rigor in the VCM.
At this year’s COP28, talks will seek to clarify the complexities surrounding the participation of nations in carbon offset markets.
