Fixing the flawed carbon offset market with a new approach to coal plant shutdowns
Amid growing scrutiny over the effectiveness of carbon offsets, a major philanthropic organization announces a groundbreaking plan to authenticate their impact by phasing out coal plants in Asia.
Evan Halper reports for The Washington Post.
In short:
- The carbon offset market is in disarray, with many credits failing to effectively counteract emissions as claimed.
- The Rockefeller Foundation is launching an initiative to create credible offsets by closing down coal plants in Asia.
- This effort aims to provide verifiable environmental benefits and support for communities affected by plant closures.
Key quote:
“There has been a lot of sloppy thinking [in the offset industry]. It has lead to bad practices and over crediting.”
— Joseph Curtin, managing director, Rockefeller’s Power and Climate Team
Why this matters:
A robust offset market can provide the financial mechanisms needed to transition to cleaner energy sources. Strengthening the market could help accelerate the retirement of coal plants by ensuring that investments in offsets lead to permanent reductions in greenhouse gases, thus contributing more effectively to the fight against climate change.
