Researchers find carbon offsets approach, which is supposed to regenerate scrubby outback forests, was not reducing emissions as promised
A co-author of the study researchers found there was ‘nowhere near the forest cover that you should see’ given the number of carbon credits issued.A co-author of the study researchers found there was ‘nowhere near the forest cover that you should see’ given the number of carbon credits issued.Australia’s main carbon offsets method is a failure on a global scale and doing little if anything to help address the climate crisis, according to a major new study.
More than 42m carbon credits – each meant to be worth a tonne of CO2 drawn from the atmosphere and worth between $750m and $1bn – have been issued for these projects. Each carbon credit represents one tonne of carbon dioxide that has either been stopped from going in the atmosphere, or sucked out of it.
The researchers said the findings add to growing scientific literature that highlighted “the practical limitations of offsets and the potential for offset schemes to credit abatement that is non-existent, non-additional and potentially impermanent”. “Most of these credits are being used to offset heavy emitters under the safeguard mechanism, so we’re not actually reducing carbon emissions at all. The overall outcome is we’re increasing the amount of carbon pollution.The researchers called on the Australian government to stop issuing carbon credits to regeneration projects in uncleared areas “for the sake of the integrity of Australia’s carbon market and the country’s decarbonisation efforts”.
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