The Voluntary Carbon Standard Association has launched its global multiple registry system. The system will enable the tracking and trading of voluntary carbon units, or VCU's, and is intended to make these processes easily identifiable and more transparent. The registry will also reduce the need for multiple accounts with different registries. The market for VCU's was valued at $330 million in 2007 and continues to grow as companies encourage clients to off set carbon use.
"The system will give the market transparency as people will know their VCUs aren't being double sold. It will also give VCUs an added element of robustness and help standardization so they become a more tradable commodity," VCSA's chief executive David Antonioli told Reuters.
The market has been criticised for poor quality and double-counting, or selling the same emissions reductions twice, prompting the development of standards and registries.
Several standards exist but Voluntary Carbon Standard (VCS) credits are particularly popular because they are of a high enough quality and low enough price to attract buyers.
The development of the single registry is also expected to priovide greater liquidity to the sector and potentially improve carbon prices.
