Many companies are turning to offsets to help meet their pledges to achieve “net-zero” carbon emissions, but the lack of consistent standards and oversight makes their effectiveness in cutting emissions hard to gauge
PLC buy those credits directly from project developers or middlemen or earn them in exchange for funding projects. Companies can then use those credits to reduce their net carbon emissions, a metric that consumers and investors are increasingly asking to see.to help meet their pledges to achieve “net-zero” carbon emissions.
“You have people saying some of these things are rubbish and other people say no, they’re really important,” said Thomas Lingard,PLC’s sustainability director. “It’s super confusing to people and that can’t be the desired state for a world that is rapidly trying to deal with the climate crisis.” ‘Our focus is on a bunch of markets here and now,’ says Rachel Kyte, co-chair of the Voluntary Carbon Markets Integrity Initiative, shown here in 2017.“Voluntary markets have created many options in respect of what kinds of credits you can buy,” said David Antonioli, chief executive of Verra, a nonprofit that certifies offset projects.
for carbon removal-projects it could fund. The company said that few projects have met its criteria, though it did pay to remove 1.3 million tons of carbon from the atmosphere this year, mostly through forestry projects. In a report this month, Shell said that it was still learning about the complexities of the voluntary carbon market and that it has pulled out of projects where it couldn’t agree on standards.meanwhile, is using carbon offsets to boost the environmental credentials of individual brands, like Nespresso, which it says will be carbon neutral by 2022.
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