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
![](/images/white-fade.png)
Also in this section
21 July 2024
Awards experience 20% increase in nominations this year, with submissions from 27 countries
18 July 2024
Platform developed at Scottish university uses advanced simulations and machine learning to find most cost-effective and sustainable combinations of materials for use in carbon capture
18 July 2024
Stockholm Exergi agrees to one of world’s largest deployments of CO₂ liquefication technology to enable transport of emissions captured from biomass power plant
11 July 2024
Watkins will leverage her financial acumen and strategic insight to lead Gulf’s commercial initiatives across media, events, and market intelligence