In January of 2023, a headline from Boston Consulting Group read: The voluntary carbon market [VCM] is thriving. Their evidence? A 4-fold increase in the value of the market in the course of a year, to a valuation over $2 billion USD and growing. Nine months later, Reuters headlined a very different take: Carbon credit market confidence ebbs as big names retreat, citing the first dip in the number of credits used by companies in at least 7 years. What was causing such rapid growth in the VCM? What caused the decline? And, what is the chance of the VCM recovering?
In the final episode of our 3 part examination of VCMs, we take a look at how these markets have evolved in terms of their growth and their efficacy, how they are operating right now, and what their future could look like. To shape our conversation, we are joined by a group of VCM buyers, sellers, consultants and skeptics: Katie Sierks (Microsoft), Laura Zapata (Clearloop), Dr. Colin McCormick and Alex Dolginow (Carbon Direct), and Dr. Joe Romm (Penn Center for Science, Sustainability, and the Media).
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