04/02/23 - Philip's Carbon Market News
Newly published carbon market standards aim to increase integrity … March 30, 2023 Newly published carbon market standards aim to increase integrity, confidence in carbon market
The Integrity Council for the Voluntary Carbon Market (ICVCM), an independent governance body, released a set of core carbon principles (CCPs) intended to provide a “threshold standard” for quality in the global carbon market.
The global voluntary carbon market sits at a pivotal crossroads, as several investigations have raised concerns about how much the projects supported by the purchase of carbon credits actually protect or restore forests as a climate change-mitigation strategy.
The group says the core carbon principles (CCPs) it launched March 29 set a “threshold standard” for quality in carbon markets that will help keep the global temperature rise at less than 1.5° Celsius (2.7° Fahrenheit) above pre-industrial levels. To earn the CCP label, projects must address governance issues such as verification and transparency. They also must ensure that the emissions reductions and removals of carbon actually happen at claimed levels above what would have been accomplished under the business-as-usual scenario and adhere to strict guidelines intended to ensure that projects don’t harm communities or the environment, according to the ICVCM’s statement.
Integrity Council's new carbon market rules offer improvements but … The Integrity Council for the Voluntary Carbon Market has just released a set of new rules which seek to boost the quality of carbon credits for offsetting but ignore other issues with the market. While this is an improvement on current practices, the problematic concept of offsetting itself must be abandoned.
As part of its self-declared mission of improving the governance of unregulated carbon markets through the laying down of ‘core carbon principles’, the Integrity Council for the Voluntary Carbon Market has released a first batch of rules for voluntary carbon markets.
“While the new rules help enhance the quality of carbon credits, they do not close all the loopholes of the voluntary carbon market,” says Gilles Dufrasne, lead expert on global markets at Carbon Market Watch. “More rules are needed and the credibility of the Integrity Council still hangs in the balance as several important criteria still need to be released.”
LanzaTech Reports 2022 Earnings And Full 2023 Outlook LanzaTech Global, Inc (Nasdaq: LNZA) – a leading CO2 utilization company, announced on March 29th its full-year earnings results for the fiscal year ending December 31, 2022, and provided its current outlook for the full 2023 year.
LanzaTech became the first public carbon capture utilization and storage company, listed on the Nasdaq stock exchange which happened in February 2023.