The reason for concern is that it challenges the common belief that selecting from a list of third-party verified carbon credits can substantially lower the risks frequently associated with carbon offsetting. Given all these risks, why are the findings from the Guardian's investigation into the Verra carbon standard particularly worrisome? It is no secret that carbon offsetting carries numerous risks, such as failing to sequester carbon, re-releasing greenhouse gases, and even causing negative consequences for local communities. Why are the findings concerning for the climate movement and the sustainability industry? Even the Intergovernmental Panel on Climate Change (IPCC) has established that carbon removal and offsetting in combination with emission reductions is considered to contribute to scenarios limiting average global warming to 1.5☌ or 2☌ by the year 2100. For instance, Schnitzer Steel, recognised as the number one in the Global 100 ranking of the world’s most sustainable companies for 2023, relies on carbon offsetting to compensate for irreducible emissions across its innovative line of net zero carbon products. No matter how committed an organisation may be to the transition to a low-carbon economy, even the most sustainable companies in the world rely on offsetting as a last resort option for managing emissions from their carbon footprints. They are also crucial when organisations have credibly exhausted short and medium-term elimination and reduction measures and cannot further bring down their own emissions. The most illustrative example of a carbon offsetting project is investing in tree planting which, in turn, absorbs carbon out of the atmosphere. Other examples include but are not limited to funding renewable technology and energy efficiency projects in the Global South.ĭespite long-standing waves of greenwashing criticism surrounding carbon offsetting, when implemented ethically alongside reduction strategies, they can play an important role in bringing us closer to stabilising global warming while carbon removal technologies haven't reached the necessary level of maturity to be deployed at scale. They are a novel product representing payments to receive credit for certified units of reduction or removal of greenhouse gases intended to compensate for an entity’s own emissions. What is carbon offsetting and why is it important?Īs part of their commitment to fighting climate change, many companies have begun purchasing voluntary carbon credits more commonly known as carbon offsets.
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