the start of 2024 has been promising for the voluntary carbon market (VCM)

Without wanting to put a jinx on things, I think it is fair to say that the start of 2024 has been promising for the voluntary carbon market (VCM), after the 'annus horribilis' in 2023.

A much-talked about paper on the cookstoves sector had little or no negative impact on prices, while Quantum data indicates that in the first two months of the year almost 40 million carbon credits have been retired across six of the most active registries – Verra’s Verified Carbon Standard (VCS), Gold Standard, ACR, Climate Action Reserve, BioCarbon, and Plan Vivo. This is 40% up on the year, and is the market's best ever start to a calendar year.

Retirements, a proxy for demand, reached 18.7 million tonnes of carbon dioxide equivalent (tCO2e), down from 20.9 million tCO2e month-on-month, with two fewer days in February than January.

On a yearly basis, retirements were also down by 14% but February 2024 still counts as the second-largest demand month in the history of the VCM. REDD+ continued to dominate, with retirements of 9 million tCO2e during the month, up both on a monthly and annual basis.

Source from https://www.qcintel.com

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