Carbon Credits Industry Needs to Build Credibility

The voluntary carbon markets industry must pull together to build up its credibility by setting out robust standards and long-term goals for efficient regulation.

That is the conclusion by a panel of experts including analysts and carbon offsetting companies speaking today at the Voluntary Carbon Markets conference in London.

Technology plays an important part in achieving this end, according to principal commercialisation manager at EcoSecurities Lisa Ashford – a global company who source, develop and trade emission reduction credits.

The area of transportation is being overlooked by the industry but widening different types of technology would help put projects through, says Ashford.

Ashford also believes the industry needs to look at carefully defined long-term purchasing strategies for the future.

The US is currently the biggest market for buyers looking to offset carbon emissions. Head of emissions at fund management group Cheyne Capital Management, Mitchell Feierstein says the US " must set out long term goals and robust standards".

The global voluntary carbon markets industry is experiencing a period of growth, attributed to greater corporate and consumer social responsibility, according to analysts.

But the market has also been subject to criticism and scandal following so-called 'dodgy carbon credits' which have failed to offer environmentally effective methods to offset carbon dioxide emissions.

By Ozge Ibrahim