Return to Today's Publications

 

Newsletter:
Date Range (YYYY-MM-DD) -
Company, Industry or Technology:
  Search Tips


Private Sector Cooperates to Scale Carbon Offsetting Markets (Int'l.)
Carbon Markets,Institute of International Finance
Date: 2020-09-04
The Institute of International Finance (IIF) is reporting Unilever, Nestle, BP and Shell are among the 40 top private sector members of a new Taskforce on Scaling Voluntary Carbon Markets spearheaded by former Bank of Canada and Bank of England Governor Mark Carney.

The Taskforce will work to take stock of existing voluntary offsetting schemes and identify key challenges to scaling them up while helping businesses meet their own commitments and to align with legally binding climate targets in the markets where they operate. It is also hoped the Taskforce will play a role in boosting carbon prices which stood at a global average of $2 per ton in Oct., 2019.

According to Carney , the current market for offsets will need to grow by at least 15-fold by 2030 if the private sector is to align with the Paris Agreement's 1.5C trajectory by 2050. Carney noted it may need to be up to 160 times bigger than in 2020, should corporates rely on offsetting rather than emissions reductions. (Source: IIF, Taskforce on Scaling Voluntary Carbon Markets, edie, PR, Sept., 2020) Contact: Institute of International Finance, Taskforce on Scaling Voluntary Carbon Markets, info@iif.org, www.iif.com/tsvcm/Main-Page/Publications/ID/4061/Private-Sector-Voluntary-Carbon-Markets-Taskforce-Established-to-Help-Meet-Climate-Goals

More Low-Carbon Energy News Institute of International Finance ,  Carbon Emissions,  Carbon Markets,  

Showing 1 to 1 of 1.