ESG & Investing
Carbon Market Faces Upheaval as 32% of All Credits Fail Test
- Renewable energy credits not eligible to carry ‘CCP’ label
- The decision by the ICVCM is set to impact 32% of the market
Solar panels at the Phillips 66 Rodeo Renewable Energy Complex in California, US.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The market for carbon offsets faces renewed upheaval after a major category of credits failed to win approval from a key oversight body.
The Integrity Council for the Voluntary Carbon Market has decided that its Core Carbon Principles label can’t be used on carbon credits issued under existing renewable energy methodologies. The move affects about 236 million credits, or 32% of the market, the ICVCM said in a statement on Tuesday.