November saw a 10-month high in voluntary carbon credit retirements, with 15.8 million tonnes of CO2 equivalent (tCO2e) retired—a 7% increase compared to November 2023, according to a recent analysis of major carbon credit registries. This growth was fueled by a resurgence in nature-based solutions and renewable energy credits.
Landscape view of young deciduous trees planted in rows, forming a new forest. AI generated picture.
In contrast, clean cookstove credits fell, recording their lowest retirement levels in a year at just 359,000 tCO2e, as several projects were suspended. Colombian registry Cercarbono, however, posted its highest retirement figures in nearly two years, reaching 525,000 tCO2e.
Rich Gilmore, CEO of Carbon Growth Partners and an advocate for the ‘reduce and invest’ campaign, highlighted the growing trend of carbon credit retirements outpacing 2023 levels. ‘That's a sign that responsible CEOs are getting the message to reduce and invest’, Gilmore stated.
While retirements grew, the issuance of new carbon credits lagged, totalling only 14.9 million tCO2e in November—a decline across all major registries. Verra, the market leader, issued 76.9 million tCO2e in the first 11 months of 2024, marking a 25% year-on-year decrease. This drop is attributed to project suspensions and a transition to updated methodologies.
The ‘reduce and invest’ campaign underscores the need for companies to prioritise cutting emissions while supporting carbon credit initiatives. Advocates argue that the global energy transition is still critically underfunded, and investments in carbon credits—a vital tool for achieving environmental goals—have slowed significantly since 2022.
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At DGB Group, we are dedicated to providing high-quality, verified carbon credits that help businesses compensate for emissions while promoting long-term sustainability. As highlighted by trends like the rise in voluntary carbon credit retirements and the emphasis on nature-based solutions, investing in carbon credits remains a critical tool in addressing environmental challenges and reducing carbon footprints effectively.
Inspired by global initiatives such as the ‘reduce and invest’ campaign and the growing demand for trusted solutions, we offer tools to measure your carbon footprint and mitigate unavoidable emissions. Our verified projects align with the broader mission of driving meaningful environmental change.
By partnering with DGB, you become part of a worldwide effort to restore ecosystems, safeguard biodiversity, and support thriving communities. Together, we can contribute to a healthier planet, ensuring that every action toward emissions reduction builds a greener, more resilient future.
