VOLUNTARY carbon markets (VCM) spent much of 2023 defending forest conservation credits – the kind making up the largest swathe of carbon credits available on the markets. But, going into 2024, the mood is not as sullen.

Singapore’s VCM players are even anticipating a resurgence of investment and use of carbon credits, on the back of renewed confidence still oozing from last month’s United Nations Climate Change Conference (COP28) in Dubai.

Sharing the optimism was Climate Impact X chief executive officer Mikkel Larsen, who noted COP28 as a pivotal moment for carbon markets; there was clear recognition of the markets’ necessity if the world was to make a “material dent” in climate change, he said.