Carbon offsets — as a financial product — have quickly developed into a $1bn market, embraced by many companies. But, at the same time, banks and regulators have been expressing growing concern about the integrity of offsets as a commodity.
As corporate boards raced to announce their net zero carbon emission targets, carbon offsets, or ‘credits’, rose from relative obscurity to become a widely used, and cheap, tool for enabling successes to be claimed.
Typically, carbon offsets — in the form of projects that reduce emissions, such as newly planted trees — are bought and then ‘retired’ on an independent registry, so that no one else can claim the carbon reduction from them.
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