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Germany, Essen | 11-13 February
COP28 has been a whirlwind of activity and it feels like this is finally the time that Voluntary Carbon Markets can move on from recent troubles and find new purpose and growth. A series of significant developments have signalled a pivotal moment, emphasising the theme that collaboration, rather than competition, is essential for scaling this market effectively.
These initiatives collectively aim to remove barriers for companies to responsibly offset emissions and contribute to keeping global temperature rise below 1.5C. They reflect a growing consensus on the need for high-integrity rules and a collaborative approach to meet global climate goals.
Prominent voices like UN Climate Change Executive Secretary Simon Stiell, World Bank President Ajay Banga, and US Special Climate Envoy John Kerry have underscored the importance of the VCM, especially for developing countries. Their statements emphasize that no country should be left behind in using the VCM and stress the need for developing countries to be compensated for climate benefits they provide.
This collective movement at COP28 is a clear message: The voluntary carbon market is a crucial tool for driving increased climate ambition and action. The emphasis is on integrity, clarity, and collaboration to ensure that the market scales effectively and equitably, supporting both technological and nature-based climate solutions.
In wider climate news, Over 60 countries signed the Global Cooling Pledge to cut cooling-related CO2 emissions by at least 68% by 2050.
The EU ETS remains key policy tool to abate emissions from high emitting sources, and the wider bloc’s ambition re-invites Carbon Credits for a tentative rendezvous.
On Wednesday 12th June, the UK government released the UK ETS verified emissions data for the 2024 compliance year. At 85.6 million tonnes CO2e (tCO2e), total covered emissions fell by 11.5% year-on-year, continuing a downward trend that began in 2022, after delayed demand destruction in response to the 2020 and 2021 pandemic years.
On November 28, 2024 the UK government launched a consultation on expanding the scope of the UK Emissions Trading Scheme to include the maritime sector from 2026.