Mark Carney, UN special envoy for climate action & finance
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
28 November 2023
European Commission earmarks cross-border projects for funding and fast-tracks carbon management strategy as pressure grows to kickstart CCS sector
27 November 2023
Progress in decarbonisation but significant challenges lie ahead
27 November 2023
Shipment of CO₂ from Dutch ammonia plant to Norwegian storage site will require bilateral agreement at government level
21 November 2023
Strategic alliance includes potential development of CO₂ shipping and transportation infrastructure network in the region
