Clarity in the Voluntary Carbon Market Needed Ahead of Surge in Net-Zero Driven Credit Buyers

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VANCOUVER, BC, Oct. 12, 2023 /PRNewswire/ -- USA News Group  -  Ahead of the UN Conference of Parties conference, or COP27, to be held in November, Voluntary Carbon Market (VCM) players are seeking concrete guidelines and more clarity, ahead of surging demand from big companies with Net Zero commitments. In 2021 the Global Carbon Markets surged to a record $851 billion, and is slated to grow at a CAGR of +30% to reach $2.4 trillion through 2027. With a major ESG push from the mega-hedge fund BlackRock, Inc. (NYSE: BLK), many of the largest companies by market cap are already buying carbon offsets, such as Apple Inc. (NASDAQ: AAPL), Microsoft Inc. (NASDAQ: MSFT), and Alphabet Inc. (NASDAQ: GOOG). However, because not all carbon offsets are created equal, innovators such as Scope Carbon Corp. (CSE: SCPE) are needed to assist VCM players with compliance and maximizing efficiency.

Scope Carbon Corp. (CSE: SCPE) helps landowners large and small to maximize their carbon credit contributions, through an insightful, accurate and precise analytical toolkit that provides data collection without human intervention. Based out of Toronto, Canada—a city which itself is slated to be Net Zero by 2050—Scope Carbon provides a platform of state-of-the-art technology that includes long-range drones, servers, and AI data analysis.

Built as a carbon market Pick-and-Shovel Play,  Scope Carbon aids carbon credits producers in maximizing their carbon sequestration capabilities, and minimizing any inefficiencies along the way.

Many of their clients today include ranchers, farmers, and landowners located primarily in the Canadian province of Alberta. Scope Carbon helps by providing accurate identification of the characteristics of forests, trees, underbrush, ground and related surfaces, which forms a material part of the overall carbon credit certification process.

Recently, the company entered into a product development agreement with Marsman Limited, which has a development team led by Martin Ma, a former early key employee of the Alibaba Group.

"Scope is at the forefront of a rapidly expanding industry and our goal is for Scope's Technology to become an essential tool for project developers of carbon credits and corporations looking towards establishing a net zero footprint," said James Liang, CEO of Scope. "We believe the Company's partnership with Marsman will only enrich the development of the Technology and we looking forward to working and learning alongside our partner Martin Ma and his Alibaba team."

By providing accurate data, Scope Carbon can assist VCM developers, and help reduce verification delays—which have been estimated to cost the VCM $2.6 billion in losses by 2030 if not dealt with.

Behind the scenes, the world's largest asset manager, BlackRock, Inc. (NYSE: BLK) has created a new unit called Transition Capital, with the goal to boost investments to shift to a low-carbon economy.

Managing around $8 trillion in assets, BlackRock's actions come with a gravitational pull that makes waves in the markets. According to the company's accompanying memo, BlackRock's overseers of sustainable investing said the following: "We believe many hundreds of billions, even trillions of dollars per year, will be invested through the transition and we have spent the past several years becoming a global leader in transition investing to ensure our clients have the tools they need to navigate it."

According to the memo, the new unit's goal is to be the global leader in transitioning portfolios, businesses, and countries to a low carbon economy.

The largest company in the USA by market cap, Apple Inc. (NASDAQ: AAPL) has actively answered the call for climate action, pledging to be 100% carbon neutral for its supply chain and products by 2030.

Ahead of last year's UN Conference of Parties (COP26), Apple added 9 gigawatts of clean power and doubled its supplier commitments. Earlier this year, the electronics giant invested another $4.7 billion in Green Bonds to support innovative green technology, including plans to use the world's first commercial-purity low-carbon aluminum from ELYSIS in the iPhone SE.

Most recently, Apple called on its global supply chain to join in decarbonizing by 2030. While the company is working towards reducing its carbon footprint, it still admits to relying on carbon offsets to hit its 100% carbon neutral claim.

Computer competitors Microsoft Inc. (NASDAQ: MSFT) have also been active buying carbon-related credits, through a carbon removal credits deal with Heirloom in August, and signing a carbon credits deal with Ontario Power Generation (OPG) in September, to procure Clean Energy Credits sourced from OPG's carbon-free hydro and nuclear assets on an hourly basis.

"Agreements like this one with OPG will help Microsoft move closer to achieving our sustainability commitments, including our goal of having 100% of our electricity consumption, 100% of the time, matched by zero-carbon energy purchases by 2030," said Chris Barry, President, Microsoft Canada. "Working closely with like-minded organizations like OPG, will help us move toward a more sustainable future, while continuing to power innovation in Ontario."

Also much like Scope Carbon's platform, Microsoft has worked to create its own Microsoft Cloud for Sustainability to help companies speed up their sustainability efforts.

Google's parent company Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) has also been aggressive in its sustainability plans. Because the company's operations produced the equivalent of more than 6.7 million tons of CO2 last year, Google had to offset with renewable-power purchase agreements and carbon credits.

In April, Alphabet joined fellow tech giants, Stripe, Meta, and McKinsey Sustainability to launch a $925-million, 9-year advance financing commitment called Frontier that will accelerate the development of carbon removal by 2030.

The company boasts it has been carbon neutral since 2007, because of offsets. In 2017, Google became the first major company to match all of its yearly electricity use with renewable energy.

However, Fidelity Investments, a Boston-based financial services company has claimed that Google didn't account for an estimated 29,505 mtCO2e in 2020 from its 49,000 employees that worked remotely that year.

Google responded that it estimated 56,000 mtCO2e in 2020 from remote work by its 135,000 employees that year, and that its goal to operate on 24/7 carbon-free energy by 2030 doesn't apply to remote work. That said, Alphabet purchased carbon credits to offset home-office emissions.

Article Source: https://usanewsgroup.com/2022/10/03/in-the-next-5-years-the-carbon-credits-market-is-projected-to-be-worth-trillions/

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