Taskforce Issues Plan for Scalable Carbon Credit Market

The voluntary carbon market will need to increase in size by 15 times by 2030 to achieve climate change targets, according to an IIF sponsored taskforce.

Plans for a global carbon offset market have been advanced with the release of a blueprint by a recently established private-sector taskforce, sponsored by the Institute of International Finance (IIF) and initiated by Mark Carney, Finance Advisor to UK Prime Minister Boris Johnson for the COP26 climate change conference.

Chaired by Standard Chartered Group CEO Bill Winters, the Taskforce on Scaling Voluntary Carbon Markets published a public consultation document, seeking input from stakeholders on its recommendations for a scalable voluntary carbon credit market.

“We don’t currently have a clear mechanism to get money from investors to the people who can make a different through cutting edge but expensive projects,” said Winters, speaking in a dedicated session during this week’s Green Horizon Summit, organised by the City of London Corporation, the Green Finance Institute and the World Economic Forum.

“The current market is not transparent, large or consistently credible. It is absolutely essential that the voluntary carbon market fills that gap,” said Winter, adding that the new market was needed to provide the additional capital and change required to meet the objective of maintaining climate change below 1.5 degrees in addition to emissions reduction efforts… [continues]

Read the full article on Regulation Asia’s sister publication, ESG Investor.

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