x
LATEST ARTICLE Overcoming sustainability challenges: practical solutions for your business Read Article

COP28 aims for net-zero efforts boost: carbon pricing talks take centre stage

Asian Development Bank's environmental envoy, Warren Evans, advocates for a rise in the average price of carbon offsets to range from $25–$35 per tonne. This move is seen as crucial to stimulate greater environmental action among investors and corporations. Currently, voluntary market credits cost approximately $6–$8 per tonne, a figure Evans deems insufficient.

COP28 aims for net-zero efforts boost_ carbon pricing talks take centre stage_Close up on young tree seedlings_visual 1Close up on young tree seedlings, Hongera Reforestation Project, DGB.

While acknowledging that the actual cost of carbon could exceed $100 per tonne, Evans emphasises the pragmatic need for a more achievable target. He believes that even $25–$35 can significantly impact environmental initiatives, suggesting a revival of trading mechanisms akin to the collapsed Clean Development Mechanism.

Read more: How nature-based projects contribute to net-zero goals

Negotiators at the upcoming COP28 talks in Dubai aim to establish firmer rules for carbon offsets, defining what constitutes a quality credit and outlining trade protocols. This initiative seeks to bolster confidence in international carbon markets.

According to Evans, confidence in carbon markets and higher offset prices are pivotal for activities reducing carbon emissions. He highlights the importance of a price above $25 per tonne, stating that it could expedite plans, backed by the Asian Development Bank, to retire Indonesia's coal-fired power stations ahead of schedule.

Read more: Study: rethinking carbon credit valuation and protecting tropical forests

In the pursuit of achieving net-zero emissions and fostering a sustainable future, the importance of nature-based solutions grows ever more pronounced. These solutions wield significant influence as a formidable asset in the realm of nature conservation, providing a strategic blueprint for the restoration of tropical forests and the overall health of our planet. Collaborating with DGB Group presents an opportunity to start your eco-conscious journey. You can take meaningful steps by evaluating your environmental footprint or engaging with our dedicated team for tailored solutions that match your unique requirements. Together, we can effect substantial change in the environment, playing a pivotal role in shaping a greener and more sustainable future.

Join DGB and start your green journey

Before you go...

As DGB Group, our sole purpose is to rebuild trust and serve the public by making the right information available to everyone. By subscribing to our mailing newsletter, you can get the latest tips and trends from DGB Group's expert team in your inbox. Sign up now and never miss the insights.

Read other news

Microsoft has made a significant move to bolster its carbon neutrality efforts by acquiring over 970..

Engie, a leading power company in Europe, has pre-ordered 5 million tonnes of nature-based carbon re..

Airlines are set to invest $600 million in carbon offset credits in 2024, according to the Internati..

The Integrity Council for the Voluntary Carbon Market (ICVCM) has greenlit seven carbon crediting me..

Let’s get to know you

Let's talk about how we can create value together for your sustainability journey.