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Governing the carbon offset market

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  • Heather C. Lovell

Abstract

Carbon offsets are produced and sold under the international climate change regime (the United Nations Kyoto Protocol) and also within an expanding voluntary offset market in which companies and individuals can voluntarily opt to compensate for their greenhouse gas emissions. The volume of carbon produced and consumed within compliance and voluntary markets has grown dramatically in the last 5 years, raising a number of governance challenges. This Focus Article gives an overview of the governance of the compliance and voluntary carbon offset markets, and considers the implications of their different governance structures for addressing climate change. It assesses recent changes in the governance of the voluntary carbon offset market in response to concerns about the credibility and robustness of voluntary carbon offsets. Several voluntary offset standards were launched in 2007–2009, including the Voluntary Carbon Standard and the Gold Standard. National governments have also taken regulatory action on voluntary offsets, notably the UK government who took the controversial decision in early 2009 to endorse only compliance carbon offsets for use in the UK voluntary market. The UK government's attempt to regulate the voluntary offset market provides a useful case through which to explore some of the inherent tensions in effectively governing the carbon offset market. Copyright © 2010 John Wiley & Sons, Ltd. This article is categorized under: Policy and Governance > Private Governance of Climate Change

Suggested Citation

  • Heather C. Lovell, 2010. "Governing the carbon offset market," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 1(3), pages 353-362, May.
    • Handle: RePEc:wly:wirecc:v:1:y:2010:i:3:p:353-362
    DOI: 10.1002/wcc.43
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    Cited by:

    1. Patrick Bigger, 2018. "Hybridity, possibility: Degrees of marketization in tradeable permit systems," Environment and Planning A, , vol. 50(3), pages 512-530, May.
    2. Timothy Cadman & Lauren Eastwood & Federico Lopez-Casero Michaelis & Tek N. Maraseni & Jamie Pittock & Tapan Sarker, 2015. "The Political Economy of Sustainable Development," Books, Edward Elgar Publishing, number 15773.
    3. Blum, Mareike, 2020. "Whose climate? Whose forest? Power struggles in a contested carbon forestry project in Uganda," Forest Policy and Economics, Elsevier, vol. 115(C).
    4. Meitern, Maarja, 2024. "Unlocking carbon finance: Empowering energy communities for mutual benefit," Renewable and Sustainable Energy Reviews, Elsevier, vol. 199(C).
    5. Lo, Alex Y. & Chen, Kang, 2020. "Business participation in the development of a Chinese emission trading scheme," Energy Policy, Elsevier, vol. 140(C).
    6. Leonie Netter & Eike Luedeling & Cory Whitney, 2022. "Agroforestry and reforestation with the Gold Standard-Decision Analysis of a voluntary carbon offset label," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 27(2), pages 1-26, February.

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