Voluntary carbon markets have shrunk for the first time in at least seven years, as companies including food giant Nestle and fashion house Gucci reduced buying and studies found several forest protection projects did not deliver promised emissions savings. The decline is also bad news for poorer nations that stand to lose if the flow of funds from multinational companies to fund climate mitigation projects slows. Kenya, for instance, is seeking to become a hub for trading in carbon offsets, which are based on projects such as tree planting to mitigate greenhouse gases a company generates.
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