Amy Bann, senior vice-president for supply and ecosystem at Xpansiv, a global marketplace for environmental commodities, said that the CCPs are “an important effort to bring greater clarity and standardisation to the voluntary carbon markets”.

When asked what challenges remain for the VCM, Bann said that there are “macroeconomic headwinds beyond carbon markets that are impacting the VCM, along with in-sector factors including a perception of a fragmented landscape”.

“Nonetheless, our data is signalling positive, longer-term indicators: market participants continue to increase; futures and open interests are strong; and corporate ESG targets remain steady,” she added.