What to expect from voluntary carbon markets in 2024
- Media Manager
- Feb 1, 2024
- 1 min read
Updated: Feb 28, 2024
Business Green
Written By: Michael Holder
Published: February 1st, 2024
Photo Credit: Unsplash/CC0 Public Domain
Voluntary carbon markets have endured a turbulent couple of years. Hit by numerous high-profile allegations of 'greenwashing' over 'junk' carbon credits that should not be trusted to provide promised climate, environmental, and social benefits, all players in the market - including buyers, traders, certifiers, and project developers - have faced intense scrutiny. As a result, some companies have been left more hesitant to participate in the market, with a combination of concerns over reputational damage fears, fatigue around the growing bureaucracy associated with new standards, and pressure to focus on cutting emissions at source serving to dampen demand in some quarters.
But, under such huge pressure to improve confidence in the market, work has steadily been underway to bolster oversight, guidance, and certification frameworks. As a result, there is now a growing sense within the voluntary carbon market (VCM) that supplies of high-integrity credits are ramping up and the sector is fast shedding its former 'Wild West' reputation.
More than that, there is increasing evidence that the development of a robust, reliable, and effective market for companies and organizations to funnel investment into carbon removal projects is going to be critical if the world is to meet its climate and nature goals.
