The new Integrity Council for the Voluntary Carbon Market replaces a task force co-led by the former central banker which, for the past 18 months, had focused on growing the global carbon-trading market. The initiative has been pared down from 400 to 90 members. Carney will remain an advisor, but is no longer involved in the project’s day-to-day operations. (Bloomberg)

Talking point: Carney’s plan faced criticism for its focus on scaling the carbon-offset market, which he projected would reach US$100 billion by 2030. Environmentalists argue that offsets—which essentially excuse companies from high-emissions activities by buying credit for carbon-cutting initiatives like planting trees—don’t actually erase overall emissions. The new group has scrapped targets to increase the size of the offset market and will prioritize creating standards for high-quality carbon credits.