The U.S. government has introduced a new policy to enhance the integrity of the carbon offset market, aiming to define 'high-integrity' offsets to address concerns about misleading greenhouse gas emission claims. Despite previous projections of a $250 billion market by 2030, the market has drastically shrunk to $500 million. Analysis reveals that corporations, including Delta, Gucci, and ExxonMobil, have invested in potentially ineffective carbon offset projects, leading to doubts about emission cuts. The world's largest carbon offset project is withdrawing from Verra, a standards body, raising unprecedented concerns about its operations and impact.
World's largest carbon offset project is going rogue after coming under investigation. Withdrawing from standards body Verra, a move “unprecedented in every sense”. Project provides insurance to other projects that may, say, burn down. What happens next: https://t.co/mph3roI2Pk
Corporations invested in carbon offsets that were ‘likely junk’, analysis says Analysis of the carbon offset projects used by top corporations including Delta, Gucci and ExxonMobil raises concerns around their emission cuts claims Some of the world’s most profitable – and most… https://t.co/VZCL227xtg
"The market for carbon offsets shrank dramatically last year, falling from $1.9bn (£1.5bn) in 2022 to $723m in 2023, a new report has found. The drop came after a series of scientific and media reports found many offsetting schemes do nothing to mitigate the climate crisis…" https://t.co/rLidpsjcqT
I'm shocked! Shocked to find that "[s]ome of the world’s most profitable – and most polluting corporations – have invested in carbon offset projects that have fundamental failings and are 'probably junk'" https://t.co/BpZtDV3V37
Corporations Invested in Carbon Offsets That Were 'Likely Junk', Analysis Says https://t.co/87BKkTeiYO
Corporations invested in carbon offsets that were ‘likely junk’, analysis says https://t.co/bZ8ThKXvHE
Everything green is a scam: As recently as August, Barclays estimated that the market for carbon offsets, which are bought by companies to claim they have cancelled out harmful emissions, was on track to reach $250 billion by 2030. Instead, it has shrunk to $500 million after… https://t.co/IRxw5q1O4G
The new principles aim to define ‘high-integrity’ offsets amid concerns that current practices often don’t cut greenhouse gas emissions as claimed. https://t.co/5sMlN2aJrm
Carbon Offsets, a Much-Criticized Climate Tool, Get Federal Guidelines https://t.co/OvBh1wL22h
US unveils policy to boost carbon offset market integrity https://t.co/xy73kveddz
U.S. Government Unveils New Policy to Boost Carbon Offset Market Integrity on Tuesday https://t.co/CndBWSTdsX