Carbon offset market can play key role in getting climate cash to developing world - Carney

The voluntary carbon offsets markets could play a vital role in chanelling funds to developing countries to help safeguard biodiversity and support the climate fight, UN climate envoy Mark Carney told a UK parliamentary committee on Wednesday.

The voluntary offsets market has faced criticism in recent years, with academic studies questioning whether projects that generate carbon credits by protecting forests actually do much good.

Carney said the market was currently "tiny" at around $2 billion a year, but with improved integrity -- especially around the buyers of offsets -- it could grow rapidly and support countries to the tune of anywhere between $150 billion and $500 billion a year.