Markets

Carbon credit market confidence ebbs as big names retreat

September 1, 2023
1,449 1 minute read
Carbon credit market confidence ebbs as big names retreat

Voluntary carbon markets have shrunk for the first time in at least seven years, as companies including food giant Nestle and fashion house Gucci reduced buying and studies found several forest protection projects did not deliver promised emissions savings.

Preserving forests is crucial to meeting international goals to limit global temperature increases to prevent the most extreme consequences of global warming.

The decline is also bad news for poorer nations that stand to lose if the flow of funds from multinational companies to fund climate mitigation projects slows.

Kenya, for instance, is seeking to become a hub for trading in carbon offsets, which are based on projects such as tree planting to mitigate greenhouse gases a company generates.

Demand for carbon credits is on track to fall in 2023, according to two of the top data providers. The number of credits used by companies fell 6% in the first half of the year, the first dip in at least seven years, data from BloombergNEF shows.

Data from consultancy Ecosystem Marketplace showed a sharper fall of 8% over the same period. Both providers’ data may be updated retroactively as offsets registries are revised.

Gucci did not give financial detail on its carbon offset stake or comment on why it deleted claims from its website earlier this year that it is entirely carbon neutral.

“Gucci is in the process of reviewing its climate strategy and commitments with a view to achieving the most positive overall impact,” a spokesperson for the company said in an emailed statement.

September 1, 2023
1,449 1 minute read
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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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