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Highlights
- Nearly 155 MtCO2 credits were retired in 2022; a 3% drop from 2021; and 284 MtCO2 of credits issued in 2022, a 20% drop compared to the previous year.
- More than 60% price drop in all three CME Group’s Voluntary Carbon Emissions Offsets Contracts
- REDD+ projects saw a significant drop in both issuances and retirement levels due to the increasing suspicion towards projects’ integrity.
- As a market that relies heavily on trust, integrity is vital in scaling up the voluntary carbon market
- COP27 brought more uncertainties than what participants hoped to deliver, turning COP28 into the moment of truth for the VCM participants
- The VCM participants are looking forward to new guidelines that are set to be published this year from the IC-VCM, VCMI, the SBTi
Introduction
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