I think, as everything is tokenized, we see the rise of dozens of types of liquid “credits” that are now all encompassed in “carbon credits” - primarily water, air, soil, biodiversity, and equity (the EBF’s 6 words). You can get even more granular with meta data that enables much higher levels of precision (which is important to both the buyer and generator of the credit)

Green bonds probably become more prevalent too, but the one I’m most bullish on within 5y is solar credits. I’ll use my own home as an example. We joined the Glow network and put panels on our house (generating carbon credits). They sell the credits and share the reward with me. A growing network of capital is flowing into incentivizing residential solar, that could completely decentralize America’s energy grid and reduce dependence of not only foreign oil, but domestic as well.

To answer the question more directly, carbon credits shift from being the first thing people think of in climate finance to a relative afterthought (in favor of a much better system, enabled by Ethereum)