With a $2 trillion new carbon market on the horizon in the very near future, CIG has a look at what the present participants have been doing behind the scenes for several years already to prepare ground work and infrastructure.
Beyond the expected specialized brokerage and accounting services that this blossoming industry, like any other commodity may require, carbon markets will also have to have established standards ensuring that all credits are consistently alike and registries to track these credits from inception to their final demise will be required and many are already in place.
These key back office functions have already seen concerted development in the nascent American carbon markets, according to Katherine Hamilton, of Ecosystem Marketplace, an environmental markets information firm, CIG was told.
“Over the past three years, we have witnessed this market grow rapidly in volume and maturity,” she continued.
Companies will require analysts or surveyors to establish their present carbon footprint, and gauge realistic cut backs based on industry norms, as well as allocating the correct amount of carbon credits to be worked with in a year, before purchasing any additional credits becomes necessary.
The carbon accounting business has grown dramatically in the last couple of years, and features everything from integrated teams of consultants to simple software package installations, CIG has been informed.
