Speaking to Quantum, a market source involved in the market said voluntary carbon offsets still trade heavily OTC, but that a growing number of companies are looking at standardised contracts that require less review time.

“CBL now has a path to offer more specific contracts to the market that are anchored in benchmark C-GEO and N-GEO contracts. Like every other major commodity market, this will help participants trade more niche markets or put on a more specific hedge, while utilizing the liquidity of a benchmark contract,” said CBL’s new head of carbon market development Russell Karas.

“The road to standardizing the voluntary emissions market has been bumpy and circuitous, yet we stand on the verge of a transition to a more transparent and open global emissions market.”