Today, the World Bank announced ambitious plans for the growth of high-integrity global carbon markets, with 15 countries set to earn income from the sale of carbon credits generated from preserving their forests. By next year, these countries will have produced over 24 million credits, and as many as 126 million by 2028. These credits could earn up to $2.5 billion in the right market conditions, with much of that going back to communities and countries. Thriving carbon markets have the potential to do the same for other countries in the long-term.
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This gathering brought together leaders from multilateral institutions, including COP28 President Dr Sultan Al-Jaber, United Nations Framework Convention on Climate Change (UNFCCC) Executive Secretary Simon Stiell, World Bank Group President Ajay Banga, and GFANZ Co-Chair and UN Special Envoy for Climate Finance Mark Carney, along with senior representatives from nations committed to fostering and scaling high-integrity carbon markets.