The Biden administration introduced new guidelines to enhance the credibility of carbon offsets, which have been criticized for not effectively reducing greenhouse gas emissions.
The guidelines aim to define “high-integrity” offsets that deliver real, measurable emissions reductions.
Businesses are encouraged to prioritize reducing emissions within their supply chains before purchasing offsets.
Critics argue the guidelines are vague and lack strict enforcement, allowing ineffective offsets to persist.
Key quote:
"Voluntary carbon markets can help unlock the power of private markets to reduce emissions, but that can only happen if we address significant existing challenges."
— Janet L. Yellen, U.S. Treasury Secretary
Why this matters:
Properly regulated carbon offsets can be a valuable tool in the fight against climate change, but without stringent guidelines and enforcement, their effectiveness remains questionable. This debate impacts global efforts to reduce emissions and the financial support directed towards sustainable projects, particularly in developing countries.
A planted tree will suck up carbon regardless of species or its planters’ motivation. But it’s difficult to make blanket statements about the efficacy of carbon capture forestry.
The forest carbon offsets approved by the world’s leading provider and used by Disney, Shell, Gucci and other big corporations are largely worthless and could make global heating worse, according to a new investigation.
Oil and gas companies will be allowed to buy Commonwealth-approved international offsets as a way to keep producing emissions, a Northern Territory government policy has revealed.
Environment Minister Steven Guilbeault is creating Canada’s first carbon offset market to help big industry in its quest to cut its greenhouse gas emissions.
