Carbon Offset Failures

“The vast majority of the environmental projects most frequently used to offset greenhouse gas emissions appear to have fundamental failings suggesting they cannot be relied upon to cut planet-heating emissions, according to a new analysis.”

“there is mounting evidence suggesting that many of these offset schemes exaggerate climate benefits and underestimate potential harms.”

“the Guardian and researchers from Corporate Accountability, a non-profit, transnational corporate watchdog, analysed the top 50 emission offset projects, those that have sold the most carbon credits in the global market.”

“According to our research, more than a third of the top 50 projects had some evidence of three or more fundamental failings.”

“Estimated to be worth about $2bn, the voluntary carbon market (VCM) is vast, fragmented and opaque, involving a complex network of developers, registries, traders, brokers and investors that makes it difficult to track and evaluate the effectiveness – and potential harms – linked to offset projects.”

““These findings show that the VCM is flawed and basically a fraud, allowing the west to offset their emissions and continue business as usual at the expense of the global south,” said Souparna Lahiri, the New Delhi-based climate adviser for the Global Forest Coalition.”

“Almost two-thirds (32/50) of the most traded projects were certified by the US-based non-profit Verra, which operates the world’s most prominent carbon standard or registry, and included 18 forest offsetting projects known as Redd+ schemes.”

“Twenty-eight of the 32 Verra projects the Guardian/Corporate Accountability analysed were classified as likely junk; the other four were problematic and potentially worthless.”