LONDON, Sept 2 (Reuters) - U.N. Special Envoy for Climate
Action Mark Carney launched on Wednesday a private sector
taskforce to scale up voluntary carbon credit markets, which he
says are vital if countries and businesses are to meet emissions
targets set under the Paris Climate Agreement.
Many global companies such as oil major Shell and
consumer goods giant Unilever have pledged to reach net
zero emissions but will need to buy or generate carbon credits
to offset the emissions they are unable to cut from their
operations.
"The financial sector can use their expertise in building
market infrastructure to create a carbon offset market which
connects this demand with supply," said Carney in a statement.
The Taskforce on Scaling Voluntary Carbon Markets will work
to take stock of existing voluntary carbon markets and identify
the key challenges to scaling these up.
It is made up of around 40 industry experts from companies
such as Shell and BP, Tata Steel and airline Etihad and
is being sponsored by global finance association the Institute
of International Finance.
"By scaling voluntary carbon markets and allowing a global
price for carbon to emerge, companies will have the right tools
and incentives to reduce emissions at least cost," said Bill
Winters, chair of the taskforce and Group Chief Executive of
bank Standard Chartered.
Carbon offset schemes could include projects that reduce
emission from deforestation or conserve, rehabilitate and
replant forests.
(Reporting by Susanna Twidale; Editing by Mark Potter)