The big winners at the Voluntary Carbon Market Rankings all agree that it has been a milestone year for the voluntary carbon market, given how increased demand for carbon offsets has transformed it from a buyer’s market into a seller’s market.
Much of the demand was fueled by the net-zero targets set over the past two years by some of the world’s largest corporations. This is thanks to heightened consumer awareness regarding the impact of climate change on the global supply chain as well as the production and distribution of various commodities.
Many experts have hailed this surge in demand as a harbinger of transitional growth for the voluntary carbon market. Yet, they have noted that carbon prices have yet to meet the standards of the Paris Agreement. Under current circumstances, market watchers can expect carbon prices to soar from the current average of between three and six dollars to between $30 and $100 per ton.
Growing pains
Numerous experts throughout the industry see this increased demand for offsets as a benchmark when it comes to the voluntary carbon market’s push towards maturity. However, as with any sector, there are bound to be growing pains. In this context, those would include standardizing credit issuance documents or clarifying market guidance.
Winners circle
The companies who make up this year’s winners’ circle reflect this ongoing evolution with the inclusion of several new award categories. These include Best Monitoring Impact Report taken by BioCarbon Partners; Best Carbon Exchange which AirCarbon won; and Best Innovation brought home by the CBL Global Emissions Offset (GEO.)
Voluntary carbon market champions
This year’s roster of awardees also included several winners who have become bastions of the voluntary carbon market across the globe. For example, emissions reduction specialist South Pole took the Best Project Developer award in three categories: Energy Efficiency, Renewable Energy, and Blue Carbon. It also came away as runner-up up as Best Project Developer for Public Health and Best Monitoring/Impact Report.
Held annually by Environmental-Finance.com, the Voluntary Carbon Market Awards honor leading service providers who are active in the field. These are judged through an online survey where voters make their selections based on efficiency and speed of transactions, reliability, innovation, market influence, and service quality.
Over 2,000 completed responses were received for this years awards – a record-breaking figure that surpassed last years 1,500 responses.
