With two major carbon credit exporters in the Asia-Pacific—Indonesia and Papua New Guinea—declaring to cut back on generation, the fast-growing market is now facing challenges.
Papua New Guinea has halted new carbon credit transactions after a watchdog group raised concerns about a contract in the Oro province. Its administration resolved to strengthen the legal framework that governs voluntary carbon credits.
According to the country’s environment ministry, the prohibition is temporary and is in place to ensure appropriate stock take. It will also give time to audit the existing carbon programs.
