The confidence in the carbon credit market has faced a jolt, as some of the industry's stalwarts have started to retreat. According to a recent report by Reuters, prominent names are re-evaluating their stance on this market. Once hailed as a revolutionary solution for offsetting carbon emissions, concerns about its actual impact and efficacy are starting to emerge. Such doubts come at a critical time for global climate efforts. The retreat of key players poses significant questions: Is the market's structure flawed, or are these mere growing pains? Only time will tell, but the implications are profound for sustainable endeavors.
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Carbon credit market confidence ebbs as big names retreat
Demand for carbon credits is on track to fall in 2023, according to two of the top data providers. The number of credits used by companies fell 6% in the first half of the year, the first dip in at least seven years, data from BloombergNEF shows.
Data from consultancy Ecosystem Marketplace showed a sharper fall of 8% over the same period. Both providers' data may be updated retroactively as offsets registries are revised.
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