The World Bank and partners, including Singapore, launched a worldwide tracking system in an effort to clear up the opaque carbon credit market and assist developing countries in promptly and more effectively obtaining much-needed climate finance.
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China’s recently established national ETS has drawn tremendous attention worldwide. It is expected to serve as China’s primary tool to meet its “dual carbon” targets of CO2 peaking before 2030 and carbon neutrality before 2060. The largest ETS globally, it accounts for 40% of China’s emissions and more than 10% of worldwide emissions, with the potential to double in size once industrial sectors are added to the already-covered energy sector.
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The move to Net Zero has become a race as governments, corporations, and societies increasingly advance more ambitious targets to decarbonise and act against climate change. Yet the unspoken reality is that few CEOs or leaders have clear plans to deliver on these goals. Much progress needs to be made to decarbonise at scale and within the timelines proposed.
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Carbon credits are created in projects where actors implement activities resulting in lower or negative emissions. These credits can be sold by the actor who implemented the carbon reduction and can be traded and purchased by other actors, e.g. companies, to ‘compensate’ for their emissions. The motivations of the actors purchasing these offsets might be to comply with emission standards or regulations, to voluntarily improve their carbon footprint, or to support decarbonization projects.
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