Plans have been drawn up by the Taskforce on Scaling Voluntary Carbon Markets (TSVCM) to launch an independent governance body for carbon offsets by the end of 2021. The governance body will be made up of an expert panel informing a board of directors, setting criteria for the core carbon principles of offsets used under the scheme. In other major carbon offsetting news, a group of large banks have announced plans to collaboratively pilot a digital platform for trading carbon offsetting, using blockchain to ensure credibility. The ‘Project Carbon’ platformis being developed by NatWest, CIBC, ITAU and the National Australia Bank. It will provide record of ownership of carbon credits, allowing holders to demonstrate possession, aiming to mimise the risk of double-counting and weed out projects that do not offer additionality.

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