offsets
Newsletter
Credit: Artur Łuczka/Unsplash
BP's carbon credits questioned for lack of real climate benefit
A satellite analysis revealed that Finite Carbon, a BP-owned company, sells carbon offsets for forests that are not at risk of deforestation, raising concerns about their true climate impact.
Luke Barratt reports for SourceMaterial in partnership with Miranda Green reporting for Floodlight.
In short:
- Finite Carbon, responsible for a significant portion of U.S. carbon credits, faces criticism for selling offsets on trees unlikely to be cut down.
- Experts found that 79% of credits from key projects, valued at $334 million, should not have been issued.
- The analysis highlights systemic flaws in California’s cap-and-trade system, allowing companies to exploit offset protocols.
Key quote:
“We don’t think that the project should have been allowed to proceed and earn credits.”
— Elias Ayrey, head scientist at Renoster
Why this matters:
Carbon offsets are intended to reduce net emissions, but flawed credits undermine this goal, allowing continued pollution.
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Credit: aiokr chen/Unsplash
Federal government issues new guidelines to improve carbon offsets
The Biden administration introduced new guidelines to enhance the credibility of carbon offsets, which have been criticized for not effectively reducing greenhouse gas emissions.
In short:
- The guidelines aim to define “high-integrity” offsets that deliver real, measurable emissions reductions.
- Businesses are encouraged to prioritize reducing emissions within their supply chains before purchasing offsets.
- Critics argue the guidelines are vague and lack strict enforcement, allowing ineffective offsets to persist.
Key quote:
"Voluntary carbon markets can help unlock the power of private markets to reduce emissions, but that can only happen if we address significant existing challenges."
— Janet L. Yellen, U.S. Treasury Secretary
Why this matters:
Properly regulated carbon offsets can be a valuable tool in the fight against climate change, but without stringent guidelines and enforcement, their effectiveness remains questionable. This debate impacts global efforts to reduce emissions and the financial support directed towards sustainable projects, particularly in developing countries.
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Newsletter
Photo by Vitor Monthay on Unsplash
Planting trees as carbon offsets is trickier than it seems
A planted tree will suck up carbon regardless of species or its planters’ motivation. But it’s difficult to make blanket statements about the efficacy of carbon capture forestry.
Newsletter
Revealed: More than 90% of rainforest carbon offsets by biggest provider are worthless, analysis shows
The forest carbon offsets approved by the world’s leading provider and used by Disney, Shell, Gucci and other big corporations are largely worthless and could make global heating worse, according to a new investigation.
theconversation.com
Satellites detect no real climate benefit from 10 years of forest carbon offsets in California
Millions of dollars have gone into California’s forest carbon offset program – with little new carbon storage to show for it, a new study suggests.
Graeme Churchard/Flickr
Northern Territory government opens door for oil and gas companies to buy international offsets, policy reveals
Oil and gas companies will be allowed to buy Commonwealth-approved international offsets as a way to keep producing emissions, a Northern Territory government policy has revealed.
Newsletter
Ottawa unveils new program to help big industries cut emissions at lower cost
Environment Minister Steven Guilbeault is creating Canada’s first carbon offset market to help big industry in its quest to cut its greenhouse gas emissions.
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