Voluntary carbon offsets market set for rapid growth
Thu 12 January 2006
View all news
The global market for carbon offsets undertaken on a voluntary basis is set to grow very rapidly according to a new global study by international consulting firm, ICF.
The report says that voluntary carbon offsets could grow forty-fold in the five years to 2010 to reach 400m tonnes per year. This dramatic projected growth rate is being driven by several market factors including the fact that companies, governments and consumers are all now getting involved in the offsets market.
ENDS reports that against a backdrop of escalating political attention to climate change, some organisations are looking to enhance their green reputation. Others are aiming mainly to gain experience in anticipation of future extension of official cap-and-trade schemes.
There is a growing interest in offsets as an insurance against potential criticism for inaction in relation to climate change.
The ICF study says that a lack of agreed standards continues to be the 'Achilles' heel' of the offsets sector. Standards for offset project development and verification such as the Voluntary Carbon Standard are emerging and are a positive sign the report concludes.
Related Links
ENDS story link
ICF study link and press releas
< Back to news list