KUALA LUMPUR, June 12 (Bernama) — An analysis of the quality of the voluntary carbon market provides early indications that the market is moving towards higher integrity, according to a report by carbon credit rating platform Calyx Global.
“We wanted to start monitoring quality, recognizing that the voluntary carbon market is starting to mature. The faster we improve the quality of carbon credits and rebuild trust, the more effective companies can be in tackling climate change,” said Donna Lee, co-founder of Calyx Global.
According to a statement, key findings in the report were that issuance of the lowest quality credits has fallen by almost 50 percent this year as a percentage of total credits issued.
Moreover, quality updates related to improving credit generation rules and requirements have not yet made their way to the active market.
Furthermore, while “beyond carbon” benefits are attractive to buyers, it is a quest for higher greenhouse gas integrity that is driving trends in today’s market.
The report integrates market trend data from Calyx Global’s assessments of more than 500 carbon projects to provide unique insights into how efforts to improve market integrity are faring.
Following widespread pressure and scrutiny from the media and academia, many market players have moved to address issues surrounding the quality of carbon credits. This report monitors the effectiveness of these efforts.
— BERNAMA
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