Mark Carney: Offset market is not functioning—CeraWeek
Former BoE governor says ‘tiny’ offset market could play more influential role
Reform of the carbon offset market is required to accelerate the energy transition, UN special envoy for climate action & finance Mark Carney said on a panel discussion at CeraWeek yesterday. The former Bank of England governor asserted that the carbon offset market was too small and improperly managed to have a noticeable impact. In particular, he criticised the inconsistency in the way carbon offset credits were used to incentivise companies. “This market is estimated to be something like $350mn a year, so it is tiny,” said Carney, who is also finance adviser to UK prime minister Boris Johnson for Cop26. “It is fragmented. Sometimes it will cost 10¢/t, other times $70/t. And there is a
Also in this section
31 October 2024
Russia still aspires to become a major supplier of hydrogen, CO₂ storage capacity and carbon credits, despite financial constraints and the loss of Western technology and expertise
30 October 2024
Occidental subsidiary signs agreement with Enterprise Products Partners for pipelines and transport services for Bluebonnet hub
23 October 2024
Next government faces the difficult task of balancing decarbonisation ambitions with energy security realities
21 October 2024
Gulf Energy Information will host the largest women's event in the energy industry on 19–20 November in Houston, Texas