Companies around the world have labelled their activities as carbon or climate neutral, have set net-zero emissions targets or have otherwise sought to green their image by buying carbon credits from climate projects and using them to offset their emissions.
This is an extremely problematic practice. At a time when the science shows that the emissions of advanced economies like the EU need to fall by 65% by 2030, offsetting does nothing to reduce the actual internal emissions of the offsetter, it simply shifts the problem onto someone else’s shoulders.
Moreover, the climate impact of projects financed through the sale of carbon credits is unclear. At best, they do not represent an actual tonne of emissions. At worst, their climate impact is grossly exaggerated.
When it comes to carbon offsetting, Carbon Market Watch focuses on:
“Offsetting emissions is not the solution – it is an illusion. The only way to truly help the climate is by slashing emissions.”
Benja Faecks
Policy expert on global carbon markets
“Offsetting emissions is not the solution – it is an illusion. The only way to truly help the climate is by slashing emissions.”
Benja Faecks
Policy expert on global carbon markets
Countries and corporations prioritise deep, rapid and sustained emissions reductions
Companies stop offsetting their emissions
Standards and intermediaries stop selling carbon credits as offsetting tools
Buyers of carbon credits find more sustainable uses for carbon credits, such as the ‘contribution model’ in which buyers simply state that they contributed to climate action via funding a certain type of project(s)
Fresh evidence published by the Science Based Targets initiative (SBTi) confirms the unsuitability of carbon offsetting to meet emissions targets, echoing the findings of a new Carbon Market Watch study that casts doubt over the fairness of financial flows in the voluntary carbon market (VCM).
As Euro 2024 kicks off, the tournament has been caught offside with some of its climate claims. UEFA must do better to tackle its carbon footprint.
In this joint statement, 80 civil society organisations, including Carbon Market Watch, express their opposition
gilles.dufrasne[at]carbonmarketwatch.org
jonathan.crook[at]carbonmarketwatch.org
benja.faecks[at]carbonmarketwatch.org
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