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Welcome to UltraCarbon
This document is intended as a dynamic resource that will evolve over time. We will work with key partners to gather feedback and gain insights from market trends to make it more specific. The specific details outlined in this white paper are subject to change to better suit the market. Please note that the content of this document should not be seen as an explicit commitment, but rather as a reflection of the current intentions and goals of the project.
Governments around the world have set targets to reduce carbon emissions by 55% by 2050. As our economies have been dependent on fossil fuels for the past 150 years or so, emissions reductions alone will not be sufficient to meet these ambitious targets. We need carbon offsetting to drive the transition to a carbon-neutral economy. Currently, companies and organisations with environmental and social objectives (ESG) that seek to offset their CO2 emissions have difficulty accessing the carbon market and there is a lack of transparency regarding offsets.
The current voluntary carbon market (VCM) is inefficient, ineffective and lacks transparency, making it difficult for suppliers and consumers of carbon offsets to participate. The presence of intermediaries such as carbon banks, carbon brokers and intermediaries involved in carbon capture and lock-in projects prevents maximum value from being obtained from these projects. As a result, the funds available to reinvest in these carbon capture projects and plant more trees are also more limited, leading to poor carbon sequestration. This extreme lack of transparency has seriously damaged the reputation of the industry.
The Voluntary Carbon Market (VCM) and its traditional product 'carbon credits' are based on a traditional (financial) system, which makes the carbon market inaccessible and non-transparent. At the same time, VCMs are faced with the dilemma of how to address the issue of greenwashing of current CO2 emissions and the quality of offsets available in the market. Indeed, experts are sceptical that carbon offsets from existing forests will contribute to achieving carbon reduction targets. Therefore, we need a new approach and standards to promote more new energy projects.