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Carney’s Bid to Grow Carbon Market Rejigged Amid Controversy

  • ‘Integrity Council’ to focus work on quality of carbon offsets
  • Ex-SEC head Nazareth says targets for size of market ditched
Mark Carney
Mark CarneyPhotographer: Simon Dawson/Bloomberg
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Former Bank of England Governor Mark Carney’s initiative to boost the market for carbon offsets is being scaled back, in the wake of fierce debate around whether the traded assets really help avert global warming.

In September 2020, Carney and Standard Chartered Plc Chief Executive Bill Winters launched a bold project to expand the controversial market for the financial instruments, which allow buyers to claim reduced greenhouse gas emissions often without making any changes to their own activity. Some 18 months later, the body is re-purposing its mission to tackle the criticism that offsets don’t represent real carbon reductions.