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While there has been massive growth and focus on carbon markets globally, there has been multiple pitfalls over the years due to criticisms arising on the efficacy of carbon market mechanisms and outcomes. While these criticisms majorly point to exaggerated claims of emission reductions and presence of junk credits, they eventually affect the integrity of the entire market and add to the skepticism of credit offtakers.
In response to these criticisms, project developers have been adopting more stringent methodologies in their carbon development process followed by more stringent method of monitoring, reporting and verification (MRV), among other damage-control measures. Furthermore, there has been increasing prioritization of carbon projects which yield one or more co-benefits such as biodiversity conservation and community engagement.
To gain a wider understanding of these strategies adopted by project developers, this study focuses on benchmarking the top carbon project developers across Nature-based project and Improved Cookstove project types, in order to come up with a roadmap for a new entrant in the carbon market space- ReNew. Furthermore, by addressing these criticisms in the right way, any carbon project developer may be able to ensure transparency and long-term growth. This research may be significant not only to corporates, but also policymakers, investors and other project developers in the field in enhancing credibility and impact of carbon markets.
Key Words: Carbon Market, Project Developer, Strategies, Benchmarking.
