Delegates from 25 countries attended the highly interactive two day conference Voluntary Carbon Markets in London. A series of interactive panels addressed fundamental questions surrounding the voluntary market at this exciting time. The debate initially focused on three major questions a) to what extent will the VCM compete with the compliance market? b) is the carbon offset ‘commodity’ a luxury or a necessity for our society? c) are companies participating speculatively in the offset arena or are they committed long-term players? 

The discussion then centered on the consolidation of standards in the market.  Whereas 2007 was the year of the standards, 2008 saw the increasing importance and development of the industry registries as they have a key role to play in the voluntary market, some say similar to that of the Executive Board in the compliance market.

Trends which emerged from offset case studies, their marketing and emergent market trends highlighted that offset buyers are interested in projects which tell a story but are also moving from moral concerns about the ‘guilt free card’ of offsetting, to the functionality of the market. Corporate companies which have made a commitment to carbon neutrality will continue their activities, even in more financially challenging times, but are looking for additional sustainable and social aspects to projects.  A debate on which no consensus could be reached was the determination of the role of the voluntary market.  Does it exist as a playground to test new projects and innovations and therefore to lead the compliance market or will it be marginalized with increased activity in the compliance market? This question will further be discussed and will be all the more relevant at the Voluntary Carbon Markets USA conference, taking place in New York in 2009.