Governments want to retain more of the benefits of emissions-reduction projects. Read more at straitstimes.com.
LONDON – The US$2 billion market for carbon offsets is heading for a massive reset, as a growing number of sovereign governments announce their intention to tax, regulate or restrict trade in credits generated within their borders.
“Commodities markets have created the precedent,” said Mr Samuel Gill, president and co-founder of Sylvera, a carbon research and ratings company. “It is almost inevitable that nations come to see and treat carbon as any other national resource.” “I’m not saying it’s the pattern of the market, but we do have some projects that are badly designed and badly executed,” Mr Fernandez said. “That leads to these situations.”Under the 1997 Kyoto Protocol, wealthy countries had emissions targets and could buy credits from projects in developing countries to meet them.
The new sovereign trading market is being set up by the United Nations, with an accounting framework that prevents the same credit from being applied to more than one country’s climate goal. “Adjusting the amount of supply going to NDCs, rather than offset markets, has big implications,” according to BloombergNEF, which predicts the voluntary offset market could reach US$1 trillion by 2037.One of those implications will be regulatory change and, at least at the beginning, inconsistency from one country to the next.
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