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Policy developments in carbon markets rewarding high-quality carbon removals
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2600-271X
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EUI; STG; Policy Brief; 2025/01
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BENCINI, Jacopo, DELBEKE, Jos, DOMBROWICKI, Piotr Mikolaj, MARRO, Elena, Policy developments in carbon markets rewarding high-quality carbon removals, EUI, STG, Policy Brief, 2025/01 - https://hdl.handle.net/1814/77799
Abstract
The year 2024 was a milestone for carbon dioxide removals (CDR) as the EU adopted a Certification Framework for such activities, and COP29 adopted new UN standards for the sector. This Policy Brief reviews how carbon markets are being prepared to reward high-quality CDR credits in light of the urgent need to scale up these solutions by 2050 as indicated by the IPCC. From the compliance side, a growing number of countries are considering the integration of CDR credits within their ETS (emissions trading schemes) design. Voluntary Carbon Markets have been in crisis over the last two years, but CDR credits are developing as a promising lifeline for the future. The UN CORSIA system (carbon offsetting and reduction scheme for international aviation) could trigger important demand in the sector, if duly adjusted. The role carbon markets can play in boosting the uptake of CDR is conditional on good governance and policy design, robust monitoring, reporting, and verification (MRV), as well as adequate provisions related to integrity.
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Published online: January 2025