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Trove Research: 2Q23 voluntary carbon market in review – corporate carbon claims under the spotlight

Another Trove Reseach’s quarterly review webinar last Thursday.


Great contents in all aspects of the VCM, including perspectives.


Pricing trends, supply & demand, country and corporate developments. And points of attention. We quote: “The Trove team discussed the recent narrative around reputational risks to the voluntary carbon market, and the increased scrutiny on corporate climate claims; asking and answering the question about what these mean for corporate climate action and the use of carbon credits.”


More specifically:

  • Trove Intelligence platform quarterly update: Policy alerts; Art 6 transaction database; 21 country profiles & risk scoring (>85% issuances); Updated emissions & credit purchasing profiles; >4,000 Project-level credit prices; CME / ICE futures; Auction tracker; Technology-specific price forecasts; Registry expansion (14 + Fire-tracking analysis); Integrity assessment tool

  • Air and ocean temperatures, extreme heat, extensive forest fires

  • Trend in firms making climate commitments

  • Investment flowing into early-stage project development. Energy Efficiency and Nature Restoration on the spotlight

  • Issuances relatively flat YTD versus 1H22 – retirements down 9%

  • Some prominent firms reducing use of carbon credits, but with similar number of companies newly disclosing usage

  • No rush to ‘greenhush’ - retirement disclosure rates increasing slowly

  • Trends to higher quality, more recent vintages

  • Interest in high-permanence engineered removals, such as BioEnergy CarbonCapture & Storage (BECCS)

  • Average prices down YTD, but stabilised in 2Q23.

  • REDD+ average credit prices down the most. Nature Restoration up

  • Growing country interest in bi-lateral agreements

  • Key policy & guidance developments. Ups and downs. Tocantins-Mercuria quoted.

  • Developments about criticism and scrutiny of carbon credit quality and associated claims

  • Other claim standards being developed

  • VCMI new claims code. Requirements. Achievable? To dos

  • Developments to watch out for in 2H23


And last slide with key messages: “Evolving guidelines should not be a reason for companies to pause their climate commitments, mitigation and engagement with the carbon market … don’t delay – climate can’t wait”


To conclude, a quick audience poll “What will carbon credit prices be at year-end?”. For Renewable Energy, Clean Cooking, REDD+ and Nature Restoration. Comparing with expectations in the last two quarters.


Click at the image below for the webinar slides and recording, upon quick registration.


We thank Trove Research to allow us to make this post.




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 CARBON CREDIT MARKETS

“Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.”

“I am among those who think that science has great beauty”

Madame Marie Curie (1867 - 1934) Chemist & physicist. French, born Polish.

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