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Oversupplied and under scrutiny, voluntary carbon markets 'urgently' require consistent framework: OCBC

Jovi Ho
Jovi Ho • 3 min read
Oversupplied and under scrutiny, voluntary carbon markets 'urgently' require consistent framework: OCBC
The market value of voluntary carbon markets is estimated to grow to US$10 billion to US$40 billion by 2030.
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The “explosive growth” in the voluntary carbon markets (VCMs) between 2019 and 2021 has given way to increased scrutiny, uncertainty over greenwashing and oversupply of carbon credits, says Ong Shu Yi, ESG analyst at OCBC Bank.

As VCMs continue to grow, there is urgent need for a consistent framework among nations and authorities, adds Ong in a June 23 note.

VCMs have been caught up in controversies involving cheap and low-quality carbon credits that do not avoid or remove greenhouse gas emissions, says Ong. “Verra, a global leading carbon standard, was criticised for phantom rainforest offsets. These allegations have caused concern over whether carbon offsets are more beneficial or detrimental to global decarbonisation.”

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