Private sector body unveils multi-billion ambitions for carbon offsets
A private sector task force on Wednesday unveiled plans to turn the small voluntary carbon offset market into a global standard that could direct billions of dollars from companies aiming to meet net zero targets into projects to cut emissions.
Multinational companies, such as e-commerce giant Amazon and oil majors Royal Dutch Shell and BP have set net zero emission goals but will need to buy or generate carbon credits to offset the emissions they cannot cut from their operations.
“The question for us is how do we get the cash out of the hands of those companies that are making net zero commitments… into the hands of people that can actually reduce or remove carbon from the environment,” Bill Winters CEO of Standard Chartered and chair of the Taskforce on Scaling Voluntary Carbon Markets told Reuters.
January 27, 2021 |
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The Brief: Larry Fink’s net-zero mandate, catalyzing economic opportunity in India, solar fintech SPAC, guaranteeing small biz lending in West Africa
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Larry Fink’s corporate net-zero mandate pushes carbon markets mainstream. Think all those corporate 2050 net-zero pledges are nothing but hot air? The price of carbon credits in voluntary markets has risen to $15 or even $20 per ton, driven by corporate efforts to meet their net-zero pledges by locking in offsets with forward contracts of a decade or more. BlackRock, the $9 trillion asset manager, is adding, uh, fuel to the fire. “We are asking companies to disclose a plan for how their business model will be compatible with a net-zero economy,” BlackRock’s
Carney Taskforce Looks to Boost Global Carbon Offset Market
Jan 28 2021, 1:03 AM
January 28 2021, 12:44 AM
January 28 2021, 1:03 AM
(Bloomberg) A group set up by ex-Bank of England Governor Mark Carney seeks to bolster the scale and credibility of traded carbon offsets, even as critics warned the approach may not be the best way to tackle climate change.
(Bloomberg) A group set up by ex-Bank of England Governor Mark Carney seeks to bolster the scale and credibility of traded carbon offsets, even as critics warned the approach may not be the best way to tackle climate change.
The report by the Taskforce on Scaling Voluntary Carbon Markets released Wednesday laid out how a global market for trading carbon offsets, a tool thatâs become increasingly popular with corporations seeking to zero out their greenhouse gas emissions. Buying such credits are often much cheaper than undertaking structural changes to lower emissions from a companyâs operations.
Private sector body unveils multi-billion ambitions for carbon offsets
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LONDON (Reuters) - A private sector task force on Wednesday unveiled plans to turn the small voluntary carbon offset market into a global standard that could direct billions of dollars from companies aiming to meet net zero targets into projects to cut emissions.
FILE PHOTO: Birds fly over a closed steel factory where chimneys of another working factory are seen in background, in Tangshan, Hebei province, China, February 27, 2016. REUTERS/Kim Kyung-Hoon/File Photo/File Photo
Multinational companies, such as e-commerce giant Amazon and oil majors Royal Dutch Shell and BP have set net zero emission goals but will need to buy or generate carbon credits to offset the emissions they cannot cut from their operations.
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Rapid Roll-out of Carbon Trading including Natural Climate Solutions Critical to Reaching Net Zero
To limit atmospheric warming to 1.5°C, the world must halve existing greenhouse gas emissions by 2030 and achieve net-zero emissions by 2050. Every business needs to adjust its business model and develop credible transition plans.
A large-scale voluntary carbon market is critical to reaching net zero – it will enable more companies to turn net-zero commitments into action through investments in emissions avoidance, reductions, and removals.
The Taskforce on Scaling Voluntary Carbon Markets, comprising experts from six continents, has released 20 comprehensive and tangible actions, as well as a roadmap for implementation, to deliver this carbon market at pace and scale.