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November 23, 2023

Will COP28 help restore faith in voluntary carbon markets?

President-designate Sultan al-Jaber wrote that ‘better functioning voluntary carbon markets can channel additional financing to developing countries and support local economies’ (Photo: Christopher Pike/Bloomberg)
President-designate Sultan al-Jaber wrote that ‘better functioning voluntary carbon markets can channel additional financing to developing countries and support local economies’ (Photo: Christopher Pike/Bloomberg)

Despite taking a reputational battering this year, carbon markets are on the agenda at COP28 as one of the global solutions to climate change

It was a rare moment of good news for the carbon market in 2023. On November 18, the UN confirmed that it had agreed a way forward on guidance for greenhouse gas removals, and the methodologies used for a new UN carbon crediting mechanism in the lead up to COP28.

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