Standard Chartered Bank’s CEO, Bill Winters, has said that he is “frustrated” at a lack of progress in the carbon credits market. Speaking at the City Week conference, Winters, who chairs a private sector-led initiative working to scale the voluntary carbon market, argued that governments would struggle to force emissions reductions, but the power of markets should be acknowledged. Carbon credits, also known as offsets, enable companies to emit a set level of greenhouse gases. Putting a price on carbon creates an incentive for companies to seek to reduce their emissions. However, the market for offsets uses different systems and is thus very fragmented. Winters argued that standardised carbon markets were essential for unlocking the potential of such markets, whilst also noting that the bulk of the bank’s efforts lay in reducing emissions. Other panellists also stressed the need for accurate and standardised carbon markets.
It is important that carbon credit schemes also benefit local communities.
The World Meteorological Organisation has stated that 193 countries have given unanimous backing to a scheme to monitor global greenhouse...