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Companies use ”hot air” forestry offsets to avoid taxes in Colombia

CARBON MARKET WATCH’S FACT-CHECK OF VERRA’S RESPONSE

A new investigation by Carbon Market Watch and the Latin American Center for Investigative Journalism (CLIP) has found that two large-scale forestry projects in Colombia create more credits than the amount of emission reductions that they are achieving. Fossil fuel companies use these credits to avoid paying a national carbon tax. One of the standards, the task of which is to ensure the quality of offset projects, Verra, published a response to the report. Verra questions the report’s findings in its rebuttal, blaming it for using a flawed methodology for arriving at the conclusions. This publication includes excerpts from Verra’s statement with our responses.

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