A Perfect Storm

A perfect storm is brewing in the precursor of COP28. We often find aspects we dislike as we reflect on and analyze the past. The following article in the New Yorker - The Great Cash for Carbon Hustle, featuring the Kariba project in Zimbabwe, recently shook the industry, with both Verra and Southpole now in the public eye and both having issued statements.?

While seeking accountability, we must also draw wisdom from experiences and consider ways to improve, given the increasing urgency of the fight against climate change and the introduction of new approaches. It’s only by recognizing our missteps and taking a well-informed step forward that we can learn and become experienced, as Oscar Wilde humbly put it,

“Experience is simply the name we give our mistakes.”

With that said, we see the sun emerging on the horizon; when an opportunity for improvement presents itself, we should embrace it.

A new report from Carbon Growth Partners, published on Bloomberg, indicates that the outlook in the VCM remains positive. It underscores our long-held belief that we need comprehensive action—everything, everywhere, all at once. Moreover, our own Guemundur, affectionately known as “Gummi,” is assuming a crucial role in supporting improved standardization for Iceland, hopefully further advancing the verified (voluntary) carbon market.?

VCM - Cleared for take-off

A new report from the Carbon Growth Partners and Bloomberg gives a good insight and positive outlook in their report “Investing in Carbon Markets - Cleared For Take-off.” Prices are expected to rise as supply squeezes, and more investors are taking active roles in this market. We want to encourage you to study this report.

Key Takeaways:

? Global temperatures are on track for 3°C of warming this century. More action, more quickly, from governments, businesses, and NGOs is required to limit global warming to 1.5°C

? The United Nations endorses carbon markets as an essential part of achieving the world’s climate targets; achieving the world's 2030 climate goals requires a 15-fold scale-up of voluntary offsetting in 2030 compared to 2019

? Carbon prices are expected to rise dramatically as ambitious emissions reduction commitments are met and disparate markets converge

? Accessing carbon credits has never been easier either as an investor or for use as offsets. New safeguards are being put in place to bolster confidence in the carbon market

? Investors – including some of the world’s largest asset managers, family offices, and High Net Worth Individuals – are taking steps to enter the carbon market

? Early adoption is the key to success: organizations who take a ‘wait and see’ approach could face significantly increased carbon prices, higher risk, and lower returns

Read the full report here.?

COP28 in Dubai. We hope to see you!

ICR will be going to COP28 as part of the Iceland delegation.?

The ICR team is honored to be part of the Iceland delegation at COP28, which includes members of parliament and private businesses in Iceland. If you're attending, we'd love to connect and chat face-to-face.?

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COP28 UAE is a pivotal event where the global community will evaluate its advancements based on the Paris Agreement. The event will feature the inaugural Global Stocktake (GST), offering an extensive review of our progress since the Paris Agreement's inception. This assessment aims to streamline global climate efforts and identify necessary steps to address any disparities in progress. Under the leadership of the COP28 UAE presidency, there's a dedicated push to formulate a well-defined action plan in response to the GST findings.

Read more here: https://www.cop28.com/

Charting a Sustainable Course:

Gudmundur Sigbergsson, Assumes Key Environmental Leadership Role at Icelandic Standards

Our Founder, Gudmundur Sigbergsson, will play a Key Environmental Leadership Role at Icelandic Standards (IST). Gudmundur will leverage this position to further practical efforts against climate change, drawing on his experience with the International Carbon Registry. The focus remains on real-world, achievable solutions.

This is important work and can contribute to the ISO framework and help Climate Projects.? IST is a member of the European standards organizations CEN,?CENELEC,?and?ETSI and of the international standards organizations ISO?and?IEC

?You can read his announcement posted on LinkedIn

Insights cont'd

Pssst! If you post updates, your project can get featured in the newsletter and social media.

Visit Insights now and log into your account to post updates.?

As we continue to build and improve insights, more projects are taking advantage of it. In the coming weeks, we will start featuring exciting insights. If you need help getting started, please don't hesitate to reach out.?

ICR: Committed to High Standards

The ICR team, alongside all our colleagues at CarbonRegistry.com, are resolute in our commitment to establishing ICR as a leading standard in the field of climate projects. We believe that our dedication and passion will yield significant advancements in how we approach and execute these initiatives.

As always, our journey is intertwined with your support and trust. We'll continue to keep you informed on these critical steps we're taking, and we welcome your feedback and ideas on how we can make a more significant impact together.

www.carbonregistry.com