Scale vs integrity: The impossibility of developing a large market of high quality carbon offsets

Voluntary carbon market standards promising tonne-for-tonne compensation and exact measurement of impact are attempting to square the circle, argues Gilles Dufrasne. One solution is to drop offsetting claims and offer credits as financial contributions to climate action. Last week marked the closing of the public consultation on quality criteria for carbon credits by a new …

Carbon Market Watch response to Verra’s proposed “tonne-year accounting” method

Verra is proposing to introduce tonne-year accounting, a method whereby it would issue credits representing the permanent storage of 1tCO2 to projects that store carbon temporarily. Each tonne sequestered for one year would be worth one “tonne-year” and one hundred tonne years would make up one carbon credit. For example, storing 1 tonne for 100 …

The eastern highlands of Papua New Guinea

Huge proposed project to prevent deforestation in Papua New Guinea may sell hot air credits and have misled locals

A proposed carbon offsetting project in Papua New Guinea, which has been labelled a “scam” by a local politician, appears to be of questionable environmental benefit and has seemingly failed to consult with local communities sufficiently and transparently, a Carbon Market Watch analysis concludes. This project must not receive certification. Carbon Market Watch’s analysis of …

Comments on proposed Verified Carbon Standard (VCS) project for reducing emissions from deforestation and forest degradations in Papua New Guinea

Kanaka Management Services Private Limited, a project developer, has proposed a Verra Verified Carbon Standard (VCS) project entitled ‘REDD+ Project in Oro Province of Papua New Guinea‘. If approved, this proposed project would be the second largest Verra VCS project, generating 8.1 million credits annually for 100 years. The proposed project was open for public …

Net-zero pipe dreams: Carbon-neutral fossil fuel claims amount to greenwashing

A new Carbon Market Watch report thoroughly investigates the growing number of fossil fuels that are being marketed as “carbon neutral” and concludes that they amount to brazen greenwashing. Published ahead of the COP26, the document challenges governments and industry to halt greenwashing practices and commit to binding fossil fuel phaseouts. Today, Carbon Market Watch …

Carbon Market Watch Newsletter June 2021

Forestry offsets allow Colombian fossil fuel companies to dodge taxes Colombia has a carbon tax in place, but companies are allowed to buy offsets to avoid paying the tax.  Our new investigation finds that two large-scale Amazonian forestry projects have sold carbon credits for way more emission reductions than they have actually achieved. Such “hot …

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 …

Five stories from new voluntary offsets data

The recent uptick in interest for voluntary offsets invokes certain concerns, but it also comes with a few benefits. One of these is the push for more transparency. A new public database tracking information about voluntary offsets from the four largest standards was launched by Trove Intelligence. It adds to similar platforms such as those …

Carbon Market Watch Newsletter – February 2021

Gearing up for the EU carbon market rules revision The deadline for public consultation on the EU carbon market rules review passed earlier this month. A look at the input from industry is revealing. For example, the cement sector wants to be rewarded for using uncertain (taxpayer-funded) carbon capture and storage or utilisation to deal …

Alternatives to offsetting are no longer fringe

Carbon market stakeholders are slowly moving beyond the zero-sum game of offsetting towards alternative ways of financing climate action. This positive development will make the existing market more robust, helping to shield it from reputational risks and environmental integrity scandals. Offsetting – paying someone else to reduce emissions instead of reducing one’s own – has …