All articles tagged with #carbon offsets
The European Commission is proposing a softened 90% climate target for 2040 amidst internal political struggles and external challenges, including a heat wave and logistical issues at upcoming climate talks, highlighting the complex and contentious nature of Europe's climate ambitions.
Brussels is considering a pragmatic approach to set a 90% climate target for 2040, with Portugal advocating for projects in ex-colonies to count toward the EU's climate goals, complicating the efforts to establish a firm 2040 target amid varying support and challenges within the EU.
TikTok is challenging a U.S. law that would ban the app unless sold to a non-Chinese buyer, citing First Amendment violations. Carbon offsets are questioned for their effectiveness, with many overestimating their impact and not addressing long-term CO2 emissions. Utah lawmakers used state sovereignty to override Biden's Title IX expansion aimed at protecting LGBTQ+ students. The Folger Shakespeare Library in D.C. reopens with the world's largest Shakespeare collection. Weekend picks include movies, TV, books, music, and games.
A new analysis by Corporate Accountability reveals that many major corporations, including Delta, Gucci, Volkswagen, ExxonMobil, Disney, easyJet, and Nestlé, have invested in carbon offset projects that are fundamentally flawed and likely ineffective, casting doubt on their claims of greenhouse gas reductions. The study found that a significant portion of the carbon credits purchased by these companies are "likely junk," suggesting that the voluntary carbon market may be overvalued and not delivering the promised environmental benefits. Critics argue that reliance on such offsets distracts from the urgent need for real, lasting climate action.
The U.S. government has introduced new rules to enhance the integrity of voluntary carbon markets, aiming to restore confidence after several high-profile offset projects failed to deliver promised emissions reductions. The policy, announced by top officials including Treasury Secretary Janet Yellen, sets strict standards to ensure real and quantifiable emissions reductions and encourages companies to prioritize decarbonizing their supply chains. This move aligns with global efforts to establish high-quality carbon credits and aims to mobilize private finance for climate solutions.
The Biden administration has introduced new federal guidelines to establish "high-integrity" carbon offsets, aiming to address criticisms that many current offsets fail to effectively reduce greenhouse gas emissions. These guidelines seek to ensure that offsets deliver real and measurable emissions reductions that wouldn't have occurred without the additional funding.
A recent London summit for the carbon offsets market focused on technical discussions but also aimed to challenge the Science Based Targets initiative, seen by some as a barrier to market growth in the fight against climate change.
Taylor Swift's frequent travel on private jets, particularly to attend her boyfriend's NFL games and upcoming Super Bowl, has sparked scrutiny over the significant carbon dioxide emissions produced. The controversy highlights the disparity in greenhouse gas emissions between the wealthy and lower-income individuals. Swift's use of private jets is part of a broader trend involving scrutiny of famous individuals, including Elon Musk and Bill Gates, for their globe-trotting. The effectiveness of carbon offsets in balancing out air travel pollution is also questioned, with calls for a reduction in plane usage and development of cleaner fuels.
Pop star Taylor Swift, facing criticism for her frequent private jet trips, is turning to carbon offsets to reduce her carbon footprint, according to a Wall Street Journal editorial. The editorial argues that carbon offsets are primarily for show and don't significantly reduce emissions, promoting the illusion of a net-zero world. Swift's representative previously stated that her jet is loaned out regularly to others, and the editorial suggests that she should shake off the climate criticism without relying on offset illusions. This move comes amid increasing scrutiny of celebrities and politicians for their high carbon footprints.
Wall Street and City of London banks, including Goldman Sachs, Citigroup, JPMorgan Chase, and Barclays, are positioning themselves to profit from the carbon offset market, which is gaining momentum after the COP28 climate summit. These banks are looking to finance carbon sequestration projects, trade credits, advise corporate clients on buying offsets, and support local projects in emerging markets that lack financial resources.
Greenpeace has accused major oil and gas companies in China, including PetroChina and CNOOC Gas and Power, of using low-quality carbon offsets to "greenwash" their imports of liquefied natural gas (LNG) while failing to make significant emissions reduction commitments. These companies have signed long-term contracts with Shell to purchase "carbon neutral" LNG, which relies on "forest offsets" to balance out carbon emissions. Greenpeace argues that this branding is misleading and serves as a smokescreen for continued carbon emissions. The organization also highlights inconsistencies in measuring offsets and the vulnerability of forests tied to offset schemes to fires. The rising sales of "carbon neutral" LNG are driven by increasing gas demand in Asia, particularly in China.
A study published in Science has found that forest carbon offsets, a popular method for reducing carbon emissions, may not be as effective as claimed. The study audited 18 projects in five equatorial forest countries and found that the majority of carbon credits generated by these projects did not actually offset as much carbon as the sellers had claimed. The researchers identified several sources of error, including misleading historical trends and a lack of regulation in the offset market. The study highlights the need for closing loopholes and improving transparency in order to build trust in the offset marketplace.
European insurers are leaving the UN-convened Net-Zero Insurance Alliance due to concerns that antitrust allegations from Republican policymakers could hurt their businesses. Texas is set to become the first state to bar insurers from considering environmental, social, and governance factors in setting rates. BlackRock investors voted against a resolution that would have had the asset manager compile a report on decarbonizing the real economy. Alaska Governor signed a bill authorizing state land to be used for carbon offset credits. California legislation that would compel the nation's two largest pension funds to divest from fossil fuels by 2031 passed the Senate.
A new report by Corporate Accountability has found that 93% of the carbon offsets Chevron bought and counted towards its climate targets from voluntary carbon markets between 2020 and 2022 were too environmentally problematic to be classified as anything other than worthless or junk. Many of Chevron’s offset purchases focus on forests, plantations or large dams. Almost half of Chevron’s “worthless” offsets are also linked to alleged social and environmental harms – mostly in communities in the global south, which are also often the most affected by the climate crisis. Chevron’s net zero aspiration only applies to less than 10% of the company’s carbon footprint – the upstream emissions from the production and transport of oil and gas, while excluding downstream or end-use emissions from burning fossil fuels to heat homes, power factories and drive cars.