Ecosystem Marketplace and Bloomberg New Energy Finance are pleased to bring you the latest annual report on the size and activities of the global voluntary carbon markets: Back to the Future: State of the Voluntary Carbon Markets 2011.
We invite you join us for the North American launch of the report, hosted by Baker & McKenzie at their Washington DC offices on June 22, 2011. The event will include a panel presentation of findings from 4:30-6:00 PM, followed by a reception. To attend, RSVP by Monday, June 20, 2011 via email to bakerevents@bakermckenzie.com or call +1 202 835 1661. Please provide full contact information including full name, company, title, address, and telephone number. If you would like to bring a guest please also include their details.
For the fifth year running, suppliers that responded to the State of survey provided an unprecedented amount of information on trading volumes, prices, projects and buyer motivations in this continually evolving marketplace. A resurgence of voluntary buyers, refinement of voluntary standards and the expansion of registries all served to make 2010 the biggest year ever for the voluntary carbon market. While key findings are described below, we encourage you to read the full report for a 360 degree view of market dynamics in 2010:
Volume: Suppliers reported a total volume of 131.2 MtCO2e transacted in the global voluntary carbon markets – the largest volume ever tracked in this report series, exceeding 2009 levels by 34%. The “over the counter” (OTC) market transacted 127.9 MtCO2e – 97% of global market share – following the collapse of the CCX. A single bilateral OTC transaction of CCX Carbon Finance Units (CFIs) totaling 59 MtCO2e substituted for collapsed exchange activity – but will not likely be repeated.
Price and Value: The average price on the voluntary OTC market fell slightly to $6/tCO2e from $6.5/tCO2e in 2009. Value was placed at $424 million. The 59 MtCO2e CCX trade, priced at $0.017/tCO2e, only contributed ~$1 million to 2010 market wide value, most of which was generated by the remaining 69 MtCO2e OTC transactions.
Project Types: Land-based credits surged in 2010 to sequester 46% of OTC market share (29.1 MtCO2e). Reducing emissions from deforestation and degradation (REDD) took center stage, alone generating 29% of credits transacted in the voluntary market. Landfill methane credits transacted the second largest volumes, bought up by pre-compliance buyers anticipating a US climate bill. When these hopes were dashed, focus shifted to the emerging Californian compliance market – a boon for project types accepted as “compliance-grade” by the California Air Resources Board (ARB).
Project Locations: North America once again took the top spot among origination locations, generating 37% of transacted OTC volume – 94% of which was made in the USA. Over half of credits transacted OTC that reported a project location were sourced from developing economies (58%) – 5% from least developed countries (LDCs) – where forestry dominated their expanding portfolios of project types.
Standards: The Verified Carbon Standard (VCS) retained its top billing among third-party standards in 2010 with 34% market share, largely attributable to its recent progress on REDD methodologies. Trailing the VCS were the Climate, Community and Biodiversity (CCB) Standards, which were stacked with carbon accounting standards to transact 15.5 MtCO2e. The market also saw several new forest carbon-specific standards in 2010.
Registries: More than ever before, suppliers and standards turned to registries for clarity of ownership and transparency – with 63% of transacted credits reported to be registry issued in 2010. Users reported transacting 21.6 MtCO2e issued by Markit Environmental Registry, the top-grossing registry in 2010.
Projections: Respondents were “cautiously optimistic” about the outlook for the voluntary carbon market. Suppliers predicted substantial growth for 2011, expecting to see 213 MtCO2e transacted over the next year – 82 MtCO2e more than in 2010.
—The Editors
For comments or questions, please email: vcarbonnews@ecosystemmarketplace.com
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