Majority of offset projects that have sold the most carbon credits are ‘likely junk’, according to analysis by Corporate Accountability and the Guardian
Scientists have for decades been warning about the risks, yet instead of phasing out fossil fuels, vast amounts of time and resources have been invested into market-based carbon offset schemes and technologies that trade, cap and capture – rather than cut – greenhouse gas emissions.
Estimated to be worth about $2bn, the voluntary carbon market (VCM) is vast, fragmented and opaque, which involves a complex network of developers, registries, traders, brokers and investors, making it difficult to track and evaluate the effectiveness – and potential harms – linked to offset projects.
Despite the complexity, there is a strong public interest in calculating the benefits of offset projects given the deepening climate emergency and lack of meaningful progress in reducing fossil fuel production and global emissions.
Project proponents are free to hold, sell or retire those credits thereafter at their discretion … Verra is happy to engage with data, reconsider assumptions and consider future improvements based on sound feedback and expert input.”
The UNFCCC did not respond to growing concerns that the sustainable development mechanism (SDM), which is replacing the CDM, has already come under fire by civil society groups across the world for promoting activities that do not lead to emissions reductions and risking harm to local communities and ecosystems, among other things.
In another case, two out of four of the projects on the Swiss-based Gold Standard Registry (GSR) – a water filter program in Kenya, and a cooking stove initiative in Ghana which promises to cut emissions and deforestation – were also classified as likely junk or worthless from a carbon credits perspective.
The original article contains 2,476 words, the summary contains 265 words. Saved 89%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Scientists have for decades been warning about the risks, yet instead of phasing out fossil fuels, vast amounts of time and resources have been invested into market-based carbon offset schemes and technologies that trade, cap and capture – rather than cut – greenhouse gas emissions.
Estimated to be worth about $2bn, the voluntary carbon market (VCM) is vast, fragmented and opaque, which involves a complex network of developers, registries, traders, brokers and investors, making it difficult to track and evaluate the effectiveness – and potential harms – linked to offset projects.
Despite the complexity, there is a strong public interest in calculating the benefits of offset projects given the deepening climate emergency and lack of meaningful progress in reducing fossil fuel production and global emissions.
Project proponents are free to hold, sell or retire those credits thereafter at their discretion … Verra is happy to engage with data, reconsider assumptions and consider future improvements based on sound feedback and expert input.”
The UNFCCC did not respond to growing concerns that the sustainable development mechanism (SDM), which is replacing the CDM, has already come under fire by civil society groups across the world for promoting activities that do not lead to emissions reductions and risking harm to local communities and ecosystems, among other things.
In another case, two out of four of the projects on the Swiss-based Gold Standard Registry (GSR) – a water filter program in Kenya, and a cooking stove initiative in Ghana which promises to cut emissions and deforestation – were also classified as likely junk or worthless from a carbon credits perspective.
The original article contains 2,476 words, the summary contains 265 words. Saved 89%. I’m a bot and I’m open source!