Wall Street Banks See $1 Trillion Opportunity in Scaling Up Carbon Offset Market
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Wall Street banks like Goldman Sachs and Citi are looking to get a piece of the potential $1 trillion carbon offset market by financing projects and trading credits.
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They see opportunities to fund carbon sequestration projects that lack financing to scale up.
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The market has been plagued by controversies over the quality of offsets, but banks believe criticism shouldn't undermine funding for projects.
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Prices are currently low but expected to rise as companies rely more on offsets to meet climate goals and regulations tighten.
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Banks are building up teams to trade credits and advise corporate clients, despite uncertainties around emerging removal technologies.