2023 ESG International News Review and 2024 Trends Highlights

January 09,2024
Green and White Minimalist Earth Day Instagram Post-36
Resource: ESG NEWS,Carbon Credit.com

Tim Mohin: 2023 in Review and 2024’s Emerging Trends

全球報告倡議組織執行長Tim Mohin:2023年永續回顧與2024年展望

In 2023, the world experienced unprecedented climatic changes, with 2023 being the hottest year on record, possibly the warmest in 125,000 years. This brought about severe wildfires and weather anomalies, leading to record-breaking disasters in the U.S. COP28 marked a significant global shift, with agreements to transition from fossil fuels, reduce methane emissions, fund climate change impacts in developing countries, and more. Despite some disappointments, this represented a major stride in climate action.

Several important regulations and standards were introduced in 2023, contributing to a transformative year for global climate and ESG reporting. These include the ISSB's IFRS S1 & S2, the EU's Corporate Sustainability Reporting Directive (CSRD), European Sustainability Reporting Standards (ESRS), California's Climate Accountability Laws, the Corporate Sustainability Due Diligence Directive (CSDDD), Carbon Border Adjustment Mechanism (CBAM), the Inflation Reduction Act, and the Taskforce on Nature-Related Financial Disclosures (TNFD).

There was also a notable backlash against ESG, particularly in the U.S., where it was painted as promoting a "woke agenda." This led to 18 states prohibiting state funds from ESG-focused investments.

Looking ahead to 2024, key developments include the implementation of new climate policies, the finalization of the SEC’s Climate Rule, the potential Clean Competition Act in the U.S., CSRD implementation in the EU, reform of the Sustainable Finance Reporting Directive (SFDR), and the adoption of ISSB Standards. The year may also see intensified political debates over ESG, with potential impacts on sustainability progress in the EU.


2023年還引入了幾項重要的法規和標準,為全球氣候和ESG報告帶來了變革性的一年。這些包括ISSB的IFRS S1和S2、歐盟的企業可持續性報告指令(CSRD)、歐洲可持續性報告標準(ESRS)、加州的氣候問責法(CCAL)、企業可持續性盡職調查指令(CSDDD)、碳邊境調整機制(CBAM)、通脹減少法案(IRA),以及自然相關財務披露工作組(TNFD)。



Carbon Prices and Voluntary Carbon Markets Faced Major Declines in 2023, What’s Next for 2024?

In 2023, the carbon credit market faced a significant crisis. Voluntary carbon markets (VCMs), which were once crucial in the fight against climate change, experienced rapid growth from 2019 to 2021. However, 2022 and 2023 saw a sharp decline in their growth due to factors like market complexity and the evolving role of carbon credits in sustainability strategies.

High-profile corporations like Shell, Nestlé, EasyJet, and Fortescue Metals Group withdrew from carbon offset schemes due to skepticism about project effectiveness and concerns about greenwashing. This withdrawal led to a 25% drop in demand for offsets.

The decline in demand resulted in an over 80% fall in carbon offset prices on the Xpansiv market CBL, reflecting doubts about the environmental impact of credits and project integrity. Nature-Based Global Emissions Offsets (NGEOs) also saw a significant price drop, influenced by macroeconomic challenges and uncertainty about carbon offsets' role in corporate net-zero plans.

Despite these challenges, there were global developments, such as the EU and UK implementing carbon pricing mechanisms and various African and Asian countries establishing carbon credit exchanges.

The carbon market reached an inflection point in December 2023 when the Xpansiv CBL spot exchange recorded a daily trading volume record, indicating continued corporate engagement. New transparency requirements globally drove this demand.

NASDAQ entered the carbon credit market with technology aimed at digitizing carbon credit issuance, settlement, and custody in collaboration with Climate Impact X (CIX). This partnership aims to improve the scalability, standardization, and liquidity of the voluntary carbon credit market.

Overall, the carbon market is evolving towards prioritizing quality and real impact over quantity.


諸如殼牌(Shell)、雀巢(Nestlé)、易捷(EasyJet)和Fortescue Metals Group等知名企業因對項目有效性的懷疑以及對漂綠的擔憂而退出碳抵消計劃。這一退出導致抵消需求下降了25%。需求下降導致了Xpansiv市場CBL碳抵消價格的超過80%的下跌,反映出對信用的環境影響和項目完整性的懷疑。基於自然的全球排放抵消(NGEOs)也出現了重大價格下跌,受到宏觀經濟挑戰和對碳抵消在企業實現淨零計劃中角色的不確定性的影響。

儘管面臨種種挑戰,全球範圍內的發展仍在進行中,如歐盟和英國實施碳定價機制,以及各個非洲和亞洲國家建立碳信用交易所。碳市場在2023年12月達到了一個轉折點,Xpansiv CBL現貨交易所記錄了每日交易量的新高,表明企業持續參與其中。全球范圍內的新透明度要求推動了這一需求。


Banking on Green: Wall Street’s Race to Power a $1 Trillion Carbon Market


At COP28 in Dubai, major banks like Goldman Sachs, Citigroup, JPMorgan Chase, and Barclays are preparing for a surge in carbon offset deals. Their goal is to finance carbon sequestration projects, trade carbon credits, and assist companies in purchasing offsets.

This move aims to support smaller projects in emerging markets that lack financial support. Sonia Battikh from Citi emphasized the role banks can play in bridging the financing gap in carbon markets, as many developers struggle to secure funds.

The rush into this market reflects its potential to reach $1 trillion and assist companies in achieving net-zero goals without fully cutting emissions. However, controversies exist, with some credits facing criticism for not meeting environmental claims.

Wall Street's success in the evolving voluntary carbon market (VCM) will depend on finding a balance between speed and understanding market norms. In 2022, major banks committed over $5 trillion to climate initiatives.

The World Bank plans to establish a mechanism for certifying forest carbon credits to boost credibility and transparency in VCMs. Canada's RBC also supported a global carbon markets company with $8 million.

With growing demand, there may be an under-supply of high-quality credits, according to Carbon Growth Partners' CEO. Despite criticism, offsets play a crucial role in addressing residual emissions in challenging sectors.Bankers warn against allowing criticism to undermine confidence in carbon offsets' future and emphasize the need to avoid hampering funding for these projects.

Major banks like Goldman Sachs and JPMorgan are expanding their involvement in sustainable commodities, including carbon and renewables. However, concerns arise with global banks entering an underregulated market.

Voluntary carbon standard setters pledged to align best practices and enhance transparency at COP28. New safeguards around VCM are expected to be unveiled based on experts' drafted rules.

Despite historic low carbon prices and a decline in demand, factors like companies' reliance on offsets and potential national regulations set the stage for a substantial price rise by mid-century.


這一舉措旨在支持新興市場中缺乏金融支持的小型項目。花旗銀行的Sonia Battikh強調了銀行在彌補碳市場融資差距方面可以發揮的作用,因為許多開發商在獲得資金方面存在困難。對這一市場的迅速闖入反映了其有望達到1萬億美元的潛力,幫助公司實現淨零目標而無需完全減少排放。然而,市場存在爭議,一些信用因未能達到環保要求而受到批評。





Ecosystem Marketplace的報告顯示,VCM信用的平均價格達到了15年來的最高水平。儘管自願碳信用的交易量下降了51%,但平均信用價格從2021年的每噸4.04美元大幅上升,達到了每噸7.37美元,這是自2008年以來沒有見過的水平。