OECD COP28 Virtual Pavilion

Enhancing environmental integrity in global carbon markets: Which roles can governments play?

Nov 24, 2023 | 2:00 PM - 3:00 PM

Finance & econ instrumentsReaching net zero

Description

International carbon credit markets have experienced vast developments in the past decade. Patterns of carbon credit supply and demand have shifted drastically, from international standards and country-dominated trading, to a diverse and fragmented market where both corporations and countries use carbon credits to support their mitigation targets. While these markets are projected to grow, concerns have also been raised about the environmental integrity of both voluntary carbon markets (VCMs) and compliance carbon markets (CCMs). Governments are now taking a wide range of policy measures to shape VCMs and CCMs, alongside efforts to advance negotiations on the Paris Agreement’s Article 6 at COP28. This session will explore the role governments can play in harnessing the potential of VCMs. The United Kingdom, Kenya and Japan have all taken steps to make policies for, or engage with, voluntary carbon markets. This panel will gather government officials from these countries to reflect on the different roles that governments can take when engaging with VCMs and carbon credit markets overall.

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