Weekly News Highlights

This week in the world of carbon markets and sustainability, we're seeing pivotal advancements that could shape the trajectory of corporate decarbonisation strategies. EY’s latest report on the 2024 Global Voluntary Carbon Market projects a significant price surge in high-integrity carbon credits, potentially reaching $75-125 per tonne by 2035, with an increased demand for removal-based credits over avoidance ones. Verra has also updated its avoided unplanned deforestation module, aiming to improve GHG reduction accuracy in forest conservation projects. The Science Based Targets initiative (SBTi) has launched a new online validation platform, SBTi Services, to help companies set and track carbon reduction goals efficiently.

Additionally, Portugal is gearing up for its own domestic voluntary carbon market with Adene’s new project proposal portal, and the UN's Green Climate Fund has committed over $1 billion to bolster environmental resilience in 37 developing nations. Dive into the details below for a closer look at these developments and what they mean for companies on the path to net-zero.

Here are this week's news highlights:

The latest EY report on the 2024 Global Voluntary Carbon Market outlines critical shifts in carbon credit dynamics, indicating a potential surge in prices and an increasing focus on high-integrity credits. By 2035, prices could reach $75-125 per tonne, with approximately half of the credits expected to exceed $50. Demand for removal-based credits is projected to outpace avoidance credits as companies prioritise removal solutions for net-zero transitions.

Verra, a prominent US-based carbon registry, has released an updated version of its avoided unplanned deforestation module, known as VMD0055. This revision follows a recent public consultation and aims to refine the framework for accounting greenhouse gas (GHG) reductions in deforestation projects.

The Science Based Targets initiative (SBTi) has introduced a new platform, SBTi Services, designed to meet the surging demand for target validation as more companies commit to environmental goals. The online tool, which includes a validation portal, will allow businesses to submit, track, and validate science-based carbon targets, supporting an industry-wide push for decarbonisation.

A Portuguese government agency, Adene, has launched an online portal for the country’s forthcoming domestic voluntary carbon market (VCM). The platform enables project developers to submit proposals aimed at reducing or removing carbon dioxide emissions.

The UN's Green Climate Fund (GCF) has approved over $1 billion in funding for 16 new projects targeting environmental resilience in 37 developing nations. This commitment, announced after the GCF board meeting this week, marks a milestone in the GCF’s efforts to tackle the impact of environmental instability globally.?

Read the full articles on Green Earth News here.

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