Posted 12/20/2023, 1:42:15 PM
Carbon Offset Market Struggles for Credibility After Price Crash and Scandals
- Market prices for voluntary carbon offsets have crashed recently due to scandals and credibility issues
- Reformers proposed new verification and accounting systems at COP27 to try to restore trust
- Banks and countries launched some bilateral offset schemes, but UN negotiations stalled
- Prices for nature-based offsets fell further after COP27, but could recover if reforms take hold
- Carbon offsetting allows emitters to pay others to reduce emissions instead of cutting their own, but the voluntary market is struggling