Despite belonging to the highly polluting fossil fuel sector, major oil and gas companies are not only among the largest buyers of carbon credits, they are also heavily invested in seeking to shape the voluntary carbon market. This report zooms in this outsized role. It focuses on how oil supermajors employ greenwashing strategies, including offsetting their emissions and using carbon credits to give the illusion of meaningful progress towards reaching their climate targets. Driven by a desire to safeguard the supply of cheap and low-quality carbon credits, some fossil fuel companies have also been engaging with policy and governance processes through both formal and informal channels.
Oil and gas interests pollute the carbon crediting rulebook and invest heavily in a marketplace flush with low-quality carbon credits. A new Carbon Market Watch report demonstrates how some of the world’s biggest fossil fuel companies use their oversized leverage to influence major decision-making bodies in the voluntary carbon market.
Misguided attempts by Brussels to appease the Trump administration on trade are not only futile but also run counter to the EU’s environmental responsibility and undermine the bloc’s climate action. With a view to ending the escalating tariff war, the European Union and the United States signed last week a framework agreement on trade which …
Read more “Waiving responsibility: EU-US trade truce in conflict with climate action”
Amid soaring emissions, not one of the corporations evaluated in the latest Corporate Climate Responsibility Monitor received a clean bill of health for its climate strategy, though some isolated improvements occurred. This highlights the vital importance of governments stepping up to better regulate the climate action of the private sector.
European consumers need a strong Green Claims Directive to deter false claims, but concerning and unverified reports suggest the proposal is in jeopardy. If policymakers do not reach an ambitious agreement, greenwashing will continue, say environmental groups ECOS, ClientEarth, Carbon Market Watch, and the European Environmental Bureau.
FIFA’s latest grand tournament, the month-long Club World Cup has kicked off in the USA. The expanded 32-team games flex the football industry’s money making power, while spotlighting its disregard for people and planet.
The report calls for a phased reduction in international credit use within K-ETS, increased focus on domestic emission reductions, and alignment with best practices from systems like the EU ETS. Strengthening the environmental integrity of K-ETS is essential to achieving South Korea’s climate goals and ensuring the global credibility of the country’s climate action by putting in place and implementing robust and effective policies.
Despite its talk of making the World Cups climate friendly, FIFA is clearly following the money, whether it is from wealthy and polluting corporate sponsors or countries with questionable human rights and sustainability credentials.
3 December 2024 | 10:30 – 13:30 CET | RED Radisson Hotel, Rue d’Idalie 35, 1050 Bruxelles and online REGISTER HERE As a supplement to fast, deep and sustained emissions reductions, carbon removals will be needed to balance out the emissions that society deems vital and hard to abate, and to lower historical greenhouse gas …
Read more “Towards 2040 and beyond: The role of carbon removals in the EU climate framework”
