The Market for Voluntary Carbon Offsets
自主炭素オフセットの市場 (AI 翻訳)
Florian Berg, Marco Ceccarelli, Florian Heeb, Alexey Ivashchenko, Roberto Rigobon, Remco C. J. Zwinkels
🤖 gxceed AI 要約
日本語
自主炭素市場（VCM）の価格形成を取引データから分析。価格は1トンあたり数セントから100ドル超と大きく分散。非炭素外部性のあるクレジットは高価格。購入者の属性が価格変動の主因。大量購入者は低価格、汚染企業やサステナビリティ企業は高価格を支払わない。VCMは信頼できる炭素価格シグナルを提供していない。
English
We analyze pricing in the voluntary carbon market (VCM) using proprietary transaction-level data. Prices range from cents to over $100 per ton CO2. Credits with positive non-carbon externalities command 2-4x prices. Buyer identity explains more price variation than other OTC markets. High-volume buyers pay less; heavy polluters and sustainability-committed firms do not pay more. The VCM currently does not provide a reliable carbon price signal.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
本論文は、日本企業が自主炭素クレジットを調達・活用する際の価格形成メカニズムを理解する上で重要。特にSSBJやカーボンプライシング導入が進む中、クレジット市場の透明性と信頼性の課題を示す。
In the global GX context
This paper provides crucial evidence on the functioning of the voluntary carbon market, with relevance for global carbon pricing debates, ISSB disclosure requirements on carbon credits, and corporate net-zero strategies.
👥 読者別の含意
🔬研究者:Useful for understanding price determinants in VCM and the role of buyer heterogeneity.
🏢実務担当者:Highlights need for careful evaluation of carbon credit pricing and quality; can inform procurement strategy.
🏛政策担当者:Suggests current VCM lacks price reliability, may need regulatory intervention or standardization.
📄 Abstract（原文）
We study pricing in the voluntary carbon market (VCM) using a proprietary transaction-level dataset from a leading dealer. Prices are highly dispersed, from cents to over $100 per ton of CO2. Credits from less reliable technologies, but with positive non-carbon externalities, command prices two to four times those of trusted technologies. Within the same offset project, buyer identity explains substantially more price variation than in other OTC markets. High-volume buyers pay less; heavy polluters and firms with sustainability commitments do not pay more. Our findings suggest the VCM currently does not provide a reliable market-based carbon price signal.
🔗 Provenance — このレコードを発見したソース
- SSRN https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5822702first seen 2026-06-22 05:49:30
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