The ICVCM is working to develop carbon-credit markets, an important topic at this year’s United Nations climate conference. Voluntary carbon credits get verified for projects that promise to avoid or remove emissions from the atmosphere. The value for these credits is currently more than $2 billion, but there is potential for huge growth in the market as businesses buy credits to offset their emissions. However, there are concerns about the quality of the credits and a lack of transparency. To address these issues, the ICVCM will publish a set of Core Carbon Principles in March that will test the verification processes used by carbon-credit registries. Credits meeting the standards will receive a CCP-compliant badge, a seal of approval akin to certifications awarded to producers of organic food. The principles aim to reassure corporate buyers that the credits do what they promise. There are also separate, government-created regulated carbon credit markets. The Energy Transition Accelerator, backed by the U.S. State Department, is also working to fund high-quality projects that draw on the host of market standards. Despite the growth expectations, retirements of credits fell in 2022 from 2021, but Trafigura Group Pte. is still trading non-CCP carbon credits. Competing standards will continue to offer value based on buyer preferences. The ICVCM’s rules are “another reference point of best-in-class principles” and are expected to create more confidence in the market. The final principles should be released in March and will likely include demonstrating that projects wouldn’t have achieved climate benefits without the credits, guarding against double counting of the credits and getting third-party confirmation of their claims. Negotiators at the U.N. climate conference in Dubai are also expected to iron out details on how carbon credits can be used to help meet the Paris Agreement. The ICVCM’s Core Carbon Principles should help ease concerns about quality and create more confidence in the market, allowing for growth in the voluntary carbon-credit market.
The groundbreaking net zero school in the UK reaches its highest point of construction.
Construction firm Morgan Sindall has held a "topping out" ceremony at the Buntingford First School in Hertfordshire, which is set...