The European Parliament’s vote on a bill aimed at combating greenwashing upheld a ban on describing products as “carbon neutral” but failed to apply the same principle to companies.
Our latest FAQ has the answers to everything you always wanted to know about global carbon markets
Torn between countries demanding that Article 6 carbon markets be available with virtually no restrictions and countries insisting on upholding transparency, human rights, and climate ambition, negotiators at COP28 failed to break the deadlock. With all the unresolved problematic issues, the fact that they reached no deal was better than agreeing to a bad one that would torpedo the Paris Agreement.
Despite the wishful thinking of champions of carbon offsetting at COP28, the voluntary carbon market will only play a role in tackling the climate crisis with stricter standards and greater transparency.
A spate of recent studies are being used to claim a causal link for companies that offset their emissions between their use of carbon credits and their rate of internal decarbonisation. However, the available evidence tells a different story about whether or not companies exploit carbon markets as a licence to pollute.
Article 6 of the Paris Agreement sets out the principles for carbon markets. At COP28, governments will further develop the rules governing these markets.
Carbon Market Watch will be at this year’s climate change conference (COP28) in Dubai to demand, along with civil society allies, that major polluters speed up their decarbonisation and turn back the dial on accelerating global heating.
REDD+, which aims to reduce or prevent deforestation through the voluntary carbon market, is a complex and confusing area. In this FAQ, we answer some frequently asked questions.
Companies selling in the European Union will no longer be able to claim that their products are carbon or climate neutral, the EU has provisionally agreed. This victory against greenwashing corresponds to longstanding demands from climate campaigners to eliminate the use of offsets and send a signal to the voluntary carbon market.
Guidance on the use of carbon credits by private companies published today by the Voluntary Carbon Market Integrity Initiative (VCMI) is a step in the right direction to rein in greenwashing. The proposed set of rules forms a welcome basis to move the conversation forward but more attention should be given to how companies can contribute to climate action outside of carbon markets.
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