The spot price of carbon has just hit $50 per unit, climbing 16 per cent in just a couple of weeks to set a record.New rules set at COP26 for voluntary carbon markets will target "carbon evasion"The market for carbon is developing rapidly after new rules for voluntary trading were set at COP26 and the global business community gets behind the net-zero movement.
Marion Verles, chief executive of global certification body SustainCert, said Article 6 of the COP26 agreement laid out the framework for the new system. SustainCert surveyed 60 corporates and other groups involved in carbon trading to understand where companies are heading on this issue and the consensus according to Ms Verles is that you cannot do both.
So, an ingenious farmer reduces a farm to carbon net zero, then sells the credits to a happy polluter. Then the farmer is no longer classified as net zero, even though they are, but the happy polluter is net zero, even though they are not. I was a bit confused there for a while.
There are crypto projects like $SPE who have created UN certified carbon credits tradeable on the blockchain and are contracted to plant 1bn trees to offset carbon emissions of people and companies who purchase their carbon credits. Where there’s a will, there’s a way..