A global initiative to support the $2 billion carbon offset market has released guidelines to help companies choose better carbon credits and bring more transparency to the unregulated sector. With increasing demands for carbon offsets to meet net zero targets, the independent body is aiming to issue labeled credits by the end of the year.
The global carbon offset market is unregulated, making it difficult for companies to gauge which credits are good, with questions about poor industry transparency and the environmental quality of projects. To combat this, the Integrity Council for the Voluntary Carbon Market (ICVCM) has published its criteria for projects to achieve its new Carbon Core Principles (CCP). Speaking to FoodNavigator, an ICVCM spokesperson said: “In the past year, many companies have withdrawn from previous commitments to purchase carbon credits due to concerns about the quality of credits in the market. (Anay Mridul)