On Thursday 5th December ICROA was in Madrid for COP25, where we held our 5th workshop on scaling voluntary action under the Paris Agreement.
ICROA engaged in this programme of workshops with a broad group of stakeholders from the private and public sector a couple of years ago. Together, participants have the opportunity to discuss key questions for the future of the voluntary market post-2020 under the Paris Agreement and see how to grow the market and raise ambition globally.
This successful 5th edition - moderated by Jonathan Shopley, Managing Director of Natural Capital Partners - started with the launch of the State of the Voluntary Carbon Markets Report 2019 by Forest Trend’s Ecosystem Marketplace in partnership with ICROA.
Ecosystem Marketplace Director Stephen Donofrio introduced the report , finding that since 2016 emissions reductions from voluntary carbon credits increased 52.6%, representing a 48.5% increase in market value over this period. Issuances (75.7 MtCO2e) and retirements (52.6 MtCO23) of carbon credits have also reached new highs, whilst investments in Natural Climate Solutions are soaring.
“We’re excited to be launching Ecosystem Marketplace’s 2019 State of Voluntary Carbon Markets Report at ICROA’s COP25 Workshop in Madrid this week. As we’ve closely witnessed these markets evolve over since 2006, in 2018 transactions hit a 7-year high– led by a growing awareness of Natural Climate Solutions. This, and the other results from EM’s 2019 Carbon Survey, speak to how the world is in the present-day gearing up for the official implementation of the Paris Agreement in 2020,” said Stephen Donofrio, Director of Ecosystem Marketplace.
The encouraging findings reinforced the observations of ICROA in the past year, highlighting that demand in the voluntary market is significantly increasing and there is a significant role for the voluntary market in accelerating climate action under the Paris Agreement.
Opening remarks and introduction of the report were followed by 4 panelist interventions representing different perspectives in regard to the future of voluntary carbon markets under the Paris Agreement.
The very positive trends in the market indicate that more and more entities are deciding to show leadership and respond to the pressing calls for climate action. It is very encouraging to see this confirmed in Ecosystem Marketplace’s latest report.
- Jochen Gassner, CEO of First Climate. Jochen presented ICROA’s latest thinking on the critical importance of voluntary action post-2020 and how the market should contribute and evolve during that period. The presentation is available here .
- Kay Harrison, Climate Change Ambassador for New Zealand
- Brad Schallert, Deputy Director of International Climate Coordination at WWF
- David Hone, Chief Climate Change Advisor for Shell