To me this seems net bad for climate, but I see plenty of celebrating from enviro folks. What's the theory of change where this is good - basically if the VCM goes away then there's nothing left to hide behind? Oil companies more likely to get nationalized? Honest good faith question. Thx

One view is that most activity in the voluntary carbon markets doesn't achieve climate benefits that are real and equivalent to CO2 emissions. Eliminating that fiction focuses more attention on reductions (rather than outsourcing) and more accurately prices the level of effort required.