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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.

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