Martello, a UK-based capital transition firm, has just announced its entry into the global voluntary carbon markets (VCM) with the issuance of its first round of carbon credits.
The firm has issued a total of 32,000 carbon credits, which it expects will trade at £30 (~$37.50) a piece.
Only in the last two years, the voluntary carbon markets have soared, increasing in size by 74% and reaching their current estimated value of $7.4 billion.
The credits issued by Martello aim to address the primary concern with carbon markets, namely, the quality of the carbon credits sold on them.
Lately, there has been much controversy surrounding the overwhelming quantity of faulty carbon credits on the market, which creates a major problem for all stakeholders, from companies and investors to project managers.
Jonny Mulligan, Founder of Martello, acknowledges the importance of carbon credits in climate change mitigation but also notes the issues with today’s carbon markets and their lack of ‘innovation and transparency,’ which is what he hopes his firm’s credits will help overcome.
After running an extensive bid process, Martello was able to handpick the team to create the world’s first global standard for hemp carbon credits.
The team chosen was Re-generation Earth because of their ‘robust science and their insistence on data transparency across projects’.