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Summary
Summary
The global carbon markets are growing at a staggering rate. The growth prospects for business are enormous and the potential positive impacts for greenhouse gas emission reductions, climate policy options, renewable energy investment, development projects and efficiency gains are increasingly apparent.A unique part of the market in greenhouse gas emissions is the rapidly growing voluntary carbon market driven by companies, organizations and individuals committed to efficiency, profitability and rapid action on climate change.The second edition of this groundbreaking book draws together all the key information on international voluntary carbon markets with commentary from leading practitioners and business people. It covers all aspects of voluntary carbon markets around the world: what they are, how they work and, most critically, their business potential to help slow climate change.This new, fully revised second edition provides key updates on relevant trends, standards, suppliers, and growth in the marketplace, and is the indispensable guide for anyone seeking to understand voluntary carbon markets and capitalize on the opportunities they present for economic and environmental benefit.Second edition updates:* Contains updated data on credit prices, transaction volumes, major industry players, and other quantitative data through 2008, as well as revised analysis reflecting these shifts* Includes explanations of additional offset project type categories, providing prospective buyers and project developers with a more detailed understanding of the suite of offset projects available* Contains revised explanations and analyses by market experts of the key issues affecting the voluntary markets* Provides an updated 'glance into the future' of the voluntary carbon markets, reflecting market and policy trends that emerged through early 2008.
Author Notes
Ricardo Bayon is co-founder of EKO Asset Management Partners. Amanda Hawn is Manager of Advisory services at New Forests. Katherine Hamilton is the Managing Director of Ecosystem Marketplace.This book is a project of Ecosystem Marketplace, which is a project of the non-profit Forest Trends, and the leading source of information on environmental markets and payment schemes for ecosystem services. In particular, we are interested in market-based approaches to the conservation of water-related ecosystem services, carbon sequestration, and the myriad benefits of biodiversity. We believe that by providing solid and trustworthy information on prices, regulation, science, and other market- relevant issues, we can help markets for ecosystem services become a fundamental part of our economic and environmental systems, helping give value to environmental services that have, for too long, been taken for granted.
Reviews 1
Choice Review
This short, timely book, written by three principals at the Ecosystem Marketplace , does what it sets out to do: addresses why people should want to invest in carbon markets as a way to counter global climate change and provides guidance on how to do just that. Ecosystem Marketplace is dedicated to being an informational nexus in the global voluntary carbon market, and the book is in some ways a print version of that Web site. The authors begin with a discussion of the differences between a voluntary carbon market--purchasing offsets of current greenhouse gas emissions--and a regulated carbon market, such as the EU Emissions Trading Scheme. After describing how such markets operate, they then move aside and allow "experts," ranging from academics to consultants, to provide their own opinion regarding voluntary markets. This section is well done, as it highlights both the strengths and weaknesses of a voluntary market in carbon emissions as a way of fighting global climate change. Though the book breaks no new ground in the economic literature regarding carbon markets, it does provide a practitioner's view of such markets as they operate around the world. Summing Up: Recommended. General readers; practitioners. B. J. Peterson Central College
Table of Contents
List of Figures, Tables and Boxes | p. vii |
List of Authors and Contributors | p. ix |
Acknowledgements | p. xv |
Foreword | p. xvii |
List of Acronyms and Abbreviations | p. xix |
Introduction | p. xxi |
1 The Big Picture | p. 1 |
Market theory | p. 3 |
Carbon markets | p. 5 |
Voluntary carbon markets | p. 13 |
2 Understanding Supply and Demand in the Voluntary Carbon Markets | p. 19 |
A look at the supply chain | p. 20 |
How does the market work? | p. 35 |
3 RECs vs Offsets: The Debate Continues | p. 45 |
The US voluntary REC market and how it interacts with the carbon market | p. 46 |
The ABCs of renewable energy, RECs and greenhouse gas offsets | p. 54 |
RECs to carbon offsets: What's the right exchange rate? | p. 60 |
4 The Voluntary Carbon Markets: What the Experts Think | p. 67 |
An economist's perspective on the voluntary carbon markets: Useful but not sufficient | p. 67 |
A conservationist's perspective on the voluntary carbon markets: Can they help us overcome inertia? | p. 70 |
A project developer's perspective on the voluntary carbon markets: Carbon sequestration in the Sierra Gorda of Mexico | p. 75 |
An NGO's perspective on the voluntary carbon markets: Key to solving the problem | p. 78 |
A retailer's perspective on the voluntary carbon markets: A vital complement to regulation | p. 82 |
A credit originator's perspective on the voluntary carbon markets: Encouraging quality in the markets | p. 87 |
An investor's perspective on the voluntary carbon markets: From marginal to mainstream | p. 90 |
An investor's perspective: The challenges ahead for scaling the voluntary carbon markets | p. 93 |
A buyer's perspective on the voluntary carbon markets: Lessons learned in the early days of carbon neutrality | p. 96 |
A bank's perspective on the voluntary carbon markets: From risk to opportunity | p. 101 |
5 A Glance into the Future of the Voluntary Carbon Markets | p. 105 |
A new outlet | p. 105 |
Gourmet carbon | p. 106 |
The broad spectrum | p. 107 |
Unanswered questions | p. 108 |
Moving towards answers | p. 109 |
Appendices | |
1 Offset Project Types | p. 113 |
2 Offset Standards | p. 121 |
3 Offset Registries | p. 129 |
4 Examples of Offset Suppliers | p. 137 |
5 Glossary | p. 145 |
Index | p. 153 |