Monthly: VCM Updates (October)
This article is an automatically translated version of the original Japanese article. Please refer to the Japanese version for the most accurate information.
This is Sustainacraft Inc.'s newsletter. This edition provides a Monthly VCM Update, focusing primarily on topics related to the Voluntary Carbon Market and international regulations announced in September 2023.
Monthly VCM Update
This month, we introduce the following topics:
A. Voluntary Carbon Credit Market Trends
B. Trends in Key International Regulations
- Verra Adds New Retirement Reason Option
- Carbon Trading Commences on Tokyo Stock Exchange
- Singapore Sets Eligibility Criteria for International Carbon Credits in its Carbon Tax Scheme
News from sustainacraft
Before diving into the main content, here are a few announcements:
- We have been selected for SBIR Phase 3, Theme B (Satellite Remote Sensing Business Advancement Demonstration) by the Ministry of Economy, Trade and Industry (METI). We will advance "Technology Development for Quantifying Nature-based Carbon and Biodiversity Credits" over three years with a budget plan of JPY 430 million. (link)
- We have been selected as one of Forbes Japan's "50 Companies Contributing to Nature Positive."
A. Voluntary Carbon Credit Market Trends (Verra)
In September 2023, 5,555,393 Verra Voluntary Carbon Credit units were newly Issued, and 9,861,979 units were Retired. These figures represent a decrease of -35% and -28% respectively compared to the same month last year.
Limiting to the Agriculture, Forestry and Other Land Use (AFOLU) sector, 1,863,268 units were Issued and 3,671,547 units were Retired. These represent a -29% decrease and a 112% increase respectively compared to the same month last year.
This is a list of projects Retired in September 2023 (AFOLU sector only). The top 20 projects account for approximately 94% of all Retirements. By country, Peru was the largest (25%), followed by Brazil (19%), Indonesia (18%), China (17%), and Colombia (6%).
The top 20 companies that Retired Verra AFOLU sector Carbon Credits are listed below. Companies in the Finance, Consulting, and Construction industries are performing Retirements. Ranked fourteenth, 2W Ecobank is a Brazilian digital platform offering renewable energy, corporate carbon Offsets, and digital financial services.
B. Trends in Key International Regulations
This section reports on updates regarding important regulations and related information concerning the use and quality of Voluntary Carbon Credits, as well as the protection of forests and natural resources.