The World Bank and partners including Singapore on Wednesday launched a global tracking system to clean up the opaque market for carbon credits and help developing countries raise much-needed climate finance quickly and more cheaply.
Carbon credits - generated through activities such as planting forests or pulling climate-damaging carbon dioxide from the air - are sold to polluters to offset their emissions as a way of helping them reach net-zero emissions to limit global warming.
The $2 billion voluntary market has remained small. Critics cite concerns including poor market transparency, a limited supply of credits and questions over the quality of projects. "We're able to track it, avoid double-counting figure out what are the innovations that are taking place," and hopefully create a "race to the top" at the same time as lowering the barriers to entry for market participants.
"It really helps us ... leapfrog the entire learning process. It brings us up to speed with what is required within the carbon markets," he said.
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