A story of its own: creating singular gift-commodities for voluntary carbon markets

Abstract

ABSTRACT Carbon offsets were designed to be a universal good for a global market, tradable with any form of carbon emission anywhere in the world. This paper shows that emission rights, designed as perfect commodities, do not pass their envisioned markets all too easily. After multiple market failures, producers and traders needed to add something to their offsets that define their value by exceeding the mere storage of carbon in trees or soil: a story. In voluntary markets, stories create a close relation between the good, its context of origin as well as the customer's context. By doing so, they juggle carbon offset through complex entanglements of value creation, modes of exchange, measurement practices and market demand. Carbon credits do not only take on a very singular nature but carry many characteristics of gifts at the same time. This paper thus aims to follow carbon offsets in and between their economic forms: commodities, singularities and gifts. This will be done by closely looking at the role of stories and how formatting processes, as well as the formation of goods are created and reflected in them at the same time.