The Taskforce on Scaling Voluntary Carbon Markets was launched this September to take stock of existing voluntary offsetting schemes and identify key challenges in scaling them up. The group will also ensure that there are no issues like double-counting, which can arise when multiple companies enter into agreements with each other under the same system for monitoring credits generated by one company's actions or purchases versus another’s sales efforts but not both at once!
Under the leadership of former Bank Of England Governor Mark Carney and backed by a host of corporations, this task force has suggested that we may need to grow our offset market 15-fold by 2030 if they are going to use it as an opportunity for business growth instead. They also add that there is no telling how big (or small) 2020 might actually end up being because everything can change based on what happens during these next few years, so let's hope all goes according to plan.
McKinsey estimates that by 2030, annual global demand for carbon offsets could reach up to 1.5-2 billion tonnes of CO₂ and as high at 7 or 13 billion tonnes.
In 2020, a new carbon market was born. The amount of money changing hands daily on its behalf has been steadily increasing with each passing year and will only continue to grow as more countries join in net-zero commitments for years ahead.
However, analysts and traders believe this record-breaking rally still has plenty of room to run. It might seem counterintuitive that in a year when emissions dropped significantly due to the pandemic - carbon prices hit new records while global market values grew at their fastest pace ever.
Major trading markets saw increases not only for expected tightening of emission caps but also because countries are now more ambitious about meeting future climate goals; they've committed themselves towards cutting back on how much fossil fuels we use over time through policies such as oil saving measures or solar panel installation programs...
Investors know all too well what happens if society doesn't act quickly enough: there will be those who reap huge profits off our addiction before others can even catch up.
However, analysts and traders believe this record-breaking rally still has plenty of room to run. It might seem counterintuitive that in a year when emissions dropped significantly due to the pandemic - carbon prices hit new records while global market values grew at their fastest pace ever.
Major trading markets saw increases not only for expected tightening of emission caps but also because countries are now more ambitious about meeting future climate goals; they've committed themselves towards cutting back on how much fossil fuels we use over time through policies such as oil saving measures or solar panel installation programs...
Investors know all too well what happens if society doesn't act quickly enough: there will be those who reap huge profits off our addiction before others can even catch up.
