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Voluntary Market Businesses, NGOs, and individuals looking to offset their carbon footprints are driving an unregulated voluntary market for emissions reductions. In 2007, the Chicago Climate Exchange and over-the-counter voluntary carbon markets transacted 65 million tons of carbon dioxide equivalent valued at US$ 330 million, up 250% from 2006. This voluntary market is growing at twice the rate of the compliance market. Private businesses account for most of the demand, as carbon offsetting helps green branding efforts and is increasingly part of corporate social responsibility. NGOs and individuals are also important buyers.
Unfortunately, regional disparities are just as pronounced in the voluntary market as with the CDM. In 2007, only 2% of transacted VER volumes were sourced in Africa. With buyers increasingly demanding offsets that benefit local communities, The Carbon Group sees real opportunity in developing the African primary VER market. We are particularly committed to supporting renewable energy, agriculture, forestry, and land-use VER projects. Our VER projects are certified by either Voluntary Carbon Standard or Gold Standard.
Source: Ecosystem Marketplace’s State of the Voluntary Carbon Market 2008
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