The standards organisation accused of approving “worthless” credits last year got an endorsement for meeting the ICVCM's quality criteria. The carbon market outlook remains unclear, with Indonesia recently censuring a huge forest project.
The council will rule on major forest carbon project types and programmes, including market goliath Verra, in the coming months. The focus will be on nudging for improvements, a standards oversight and board member tells Eco-Business.
Project developers are digging into reserves to cover losses, but these challenges might be difficult for local communities to grasp. Legal obscurity on what happens when players go bust could also make future insolvencies messy affairs.
Three of the “Big Four” carbon standards organisations have received endorsement, while market major Verra is still under review. A nonprofit says the approved groups are not yet watertight on transparency.