Carney’s Taskforce says the model for increasing the integrity of the market and increasing the quality of credits is a contract pioneered by an Australian global exchange platform, CBL Markets…. CBL co-founder Ben Stuart says when his firm developed the Global Emissions Offset (GEO) product, it was a breakthrough because each carbon offset project was vetted for eligibility. The uniform screening framework for GEO relies on the Carbon Offsetting and Reduction Scheme for International Aviation, which aims to cap global aviation emissions at 2019 levels beginning in 2021 and through to 2035….

Stuart says the global market for trading offsets is suited to sophisticated corporate and institutional investors because of the large size of transactions. They have been extremely active over the past few years judging from turnover in carbon offsets at CBL Markets, which has risen from 10 million tonnes in 2019 to 30 million tonnes in 2020, and 40 million tonnes in the first six months of this year.