As global climate and net-zero ambition intensifies, the role of carbon offsets and the voluntary carbon market (VCM) have attracted the attention of many. Trading of offsets reached record levels in 2021 and there is unprecedented public and private sector interest in categories such as forestry and other nature-based solutions, as well as frontier carbon removal technologies. However, offsetting remains a wide-ranging, complex, and disputed space, and participants often risk heightened scrutiny over their involvement and decisions in this domain. What are the latest trends and observations? Are there emerging best practices and lessons learned for the private sector? How might the new Article 6 rules that emerged out of COP26 in Glasgow impact VCM? What are the key challenges and opportunities for different players in this space as we head into 2022?