UN offers new marketplace for stranded carbon offsets

Brussels. Today, at the climate week in New York, the UN launched the “Go Climate Neutral Now” initiative– a new online platform to purchase carbon offsets generated by its Clean Development Mechanism (CDM). The initiative attempts to boost demand for CDM credits on the voluntary carbon market and for the aviation sector but fails to dodge the sale of bogus carbon offsets. 

On the eve of the adoption of the sustainable development agenda in New York and in response to the diminishing demand for carbon offsets, the Board of the UN’s Clean Development Mechanism launched today a new initiative – Go Climate Neutral Now. The online shop is an integral part of the UN’s latest push to offer CDM carbon offsets to governments, companies and individuals, avoiding broker fees.

“We need to urgently unplug finance for new sustainable and climate-resilient projects in developing countries including perhaps a small selection of already approved CDM projects that truly depend on financial support to continue. This new tool fools potential consumers as it also allows ancient projects – such as those registered before 2012 – and offsets from problematic project types such as fossil fuel and large hydro power, to sell carbon offsets.” Commented Eva Filzmoser, Carbon Market Watch’s Director.

The tool also aims to offer carbon offsets for airline passengers and airlines that are currently fleshing out their contributions to reduce emissions as part of a so called global market based mechanism, which is expected to be adopted under the UN’s International Civil Aviation Organization (ICAO) next year. Experts involved in the process fear that insufficient quality safeguards for credit eligibility will be agreed by ICAO.

“Greenwashing by the aviation industry through using bad credits will be a major problem. For instance, currently there is a real risk that the aviation industry will be effectively subsidizing the coal industry through buying “clean” coal offsets and calling it climate action.” underlined Dr. Kat Watts, Carbon Market Watch Global Climate Policy Advisor.  She added “Robust quality criteria that exclude a number of problematic project types is essential for the credibility of the aviation industry’s global market based mechanism.”

 ENDS.

Link: Online platform for voluntary cancellation of certified emission reductions (CERs)  https://store.climateneutralnow.org/

Contact:

Eva Filzmoser, Director
eva.filzmoser@carbonmarketwatch.org
+32 2 335 3661

Kat Watts, Global Climate Policy Advisor
katherine.watts@carbonmarketwatch.org
+44 7443 196420

 

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