Monthly: August VCM Updates
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 is a Monthly VCM Update, focusing on topics mainly announced in July 2023 concerning the Voluntary Carbon Credit market and international regulations.
Monthly VCM Update
This month, we will introduce the following content:
A. Voluntary Carbon Credit Market Trends
B. Trends in Major International Regulations
- IC-VCM: Core Carbon Principles
- Australian: Environmental and Sustainability Claims
- Discussions Related to Cookstoves
A. Voluntary Carbon Credit Market Trends (Verra)
In July 2023, for Verra Voluntary Carbon Credits, 9,063,671 units were newly Issued, and 7,361,462 units were Retired. These figures represent a decrease of -10% and -14% respectively compared to the same month last year.
Focusing solely on the AFOLU (Agriculture, Forestry and Other Land Use) sector, 272,109 units were Issued, and 3,708,155 units were Retired. These represent a year-on-year decrease of -89% and an increase of +20% respectively. In July, Issuances from large REDD+ projects were low, resulting in a significant decrease.
This is a list of projects Retired in July 2023 (AFOLU sector only). The top 20 projects accounted for 90% of all Retirements. This month, Volkswagen massively Retired units from The Jaguar Amazon REDD+ Project in Peru. This single project alone accounted for half of the total Retired volume. As a result, Peru was the largest country for Retirements (56%), followed by Brazil (9%), Canada (8%), Indonesia (7%), and China (5%).
The top 20 companies that Retired Verra AFOLU sector Carbon Credits are as follows: Companies from the Automotive, Mining, Energy, Internet, Engineering, and Food & Beverage industries made Retirements.
