The resources needed to foster the voluntary carbon market (VCM), or any form of carbon credit trading, can vary from physical ones like land covered by endangered
forest, to economic ones like attractive implementation costs. A crucial factor these resources often have in common is their location in developing countries – the so-called Global South.
forest, to economic ones like attractive implementation costs. A crucial factor these resources often have in common is their location in developing countries – the so-called Global South.
But buyers of the credits generated by majority of carbon projects developed so far sit in the Global North – where greenhouse gas emissions and pressure on companies to decarbonize are at the highest.
This has translated in a value chain that is almost entirely located in the developed world, with emerging countries providing only the raw resources while retaining a very little portion of the total profits. However, unique elements in the VCM and other credit markets are now calling for a more balanced relationship between the northern and the southern hemisphere.
Silvia Favasuli explores the relationship between the Global North and South through the lens of the voluntary carbon markets.
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