• FrançaisFrançais
Impactant
  • Market insights
No Result
View All Result
  • Login
impactant.
  • Market insights
No Result
View All Result
impactant
No Result
View All Result
An Investigation Reveals that Rainforest Carbon Credits from the World’s Largest Supplier are Largely Ineffective.

An Investigation Reveals that Rainforest Carbon Credits from the World’s Largest Supplier are Largely Ineffective.

ImpactDigger by ImpactDigger
January 31, 2023
in Carbon market
Reading Time: 2 mins read
0
Share on FacebookShare on Twitter

A new investigation conducted by SourceMaterial, the Guardian, and German weekly Die Zeit has revealed that 94% of the carbon credits issued by the world’s leading carbon standard in the offsets market, Washington, DC-based Verra, are likely to be “phantom credits” and do not represent genuine carbon reductions. These “avoided deforestation” credits have been bought by companies such as Disney, Shell, and Gucci to offset their emissions, but are now being called into question. The investigation used satellite data to check the results of 29 Verra-certified rainforest offset schemes and found that only 6%, or 5.5 million of the 95 million carbon credits, were real emission reductions. SourceMaterial notes that 95 million actual carbon credits would be enough to balance the annual emissions from 25 coal-fired power plants or burning 220 million barrels of oil.

The problem with the rainforest carbon schemes seems to be that they overestimate the threat to the forests involved by an average of 400%, according to a 2022 study by the University of Cambridge that has not yet been peer-reviewed. Verra objects to these findings, saying that satellite data and standardized approaches cannot capture what is happening on the ground. Verra also takes 10 cents from project developers for every credit it verifies, and the third party auditors are frequently vetted by Verra itself.

You might also like

Can you provide an alternative sentence that I can rephrase for you? VCS-612 – Verra Registry does not contain a sentence that I can rephrase. It appears to be a code or identifier.

March 20, 2023
0
The restructuring capability of blockchain and the concept of carbon credits.

The restructuring capability of blockchain and the concept of carbon credits.

March 20, 2023
1

Julia Jones, a Bangor University professor of conservation science and co-author of the Cambridge study, said that the carbon credit system needs urgent correction and renovation. Thomas Crowther, professor of ecology at ETH Zürich and co-chair of the United Nations Decade on Ecosystem Restoration, added that transparency remains a key challenge, and it is critical that we use the best available scientific approaches to ensure the accountability of environmental commitments at scale.

The news investigation into carbon credits issued by Verra has sparked calls for rigour, transparency, and accountability in the carbon credit process. The investigation found that 94% of the non-profit’s rainforest offsets are likely to be “phantom credits” and do not represent genuine carbon reductions, with the problem being that they overestimate the threat to the forests involved. Verra objects to these findings, and the company also takes 10 cents from project developers for every credit it verifies. Experts have called for the carbon credit system to be urgently corrected and renovated, with transparency being a key challenge. Companies and citizens need to be able to support projects they can trust, and it is essential that the best available scientific approaches are used to ensure the accountability of environmental commitments at scale.

Source link

ImpactDigger

ImpactDigger

Related Stories

Can you provide an alternative sentence that I can rephrase for you? VCS-612 – Verra Registry does not contain a sentence that I can rephrase. It appears to be a code or identifier.

by ImpactDigger
March 20, 2023
0
0

VCS-612 is an IT certification of the Verra Registry. The Verra registry is a privately held company that works with...

The restructuring capability of blockchain and the concept of carbon credits.

The restructuring capability of blockchain and the concept of carbon credits.

by ImpactDigger
March 20, 2023
0
1

Blockchain technology is being used to create a more transparent and efficient carbon credits market. The global carbon credit market...

The President of Money Metals Exchange recently appeared on the Gold Standard Podcast to talk about legislation related to sound money.

The influence of blockchain in redefining carbon credits.

by ImpactDigger
March 19, 2023
0
0

Blockchain technology is being used to create a more transparent and efficient carbon credit market, which has grown in demand...

A silver prize has been awarded by an Eco charity to a cathedral for their environmentally-friendly practices.

A silver prize has been awarded by an Eco charity to a cathedral for their environmentally-friendly practices.

by ImpactDigger
March 19, 2023
0
0

Worcester Cathedral has been awarded a Silver Eco Church Award by A Rocha UK, a Christian environmental charity. The cathedral’s...

Next Post
Following COP27, the CME Group has shifted its focus to carbon pricing, with the launch of its new carbon futures contracts. The contracts will allow companies to hedge their exposure to carbon prices and help them manage their emissions-related risks. The CME Group is also working to develop additional products to further facilitate the development of carbon markets and provide more efficient price discovery.

Can stricter regulations help make Fashion Weeks more sustainable? This is a question that The New York Times has explored in recent articles, looking at how the fashion industry can reduce its environmental impact and make Fashion Weeks more sustainable. The articles explore how stricter rules, such as banning the use of certain materials, could help reduce the environmental impact of the industry.

  • Market insights
Contact us for more info

© 2022 Mathieu - Enjoy my carbon intelligence tool 😉.

No Result
View All Result
  • Market insights
  • FrançaisFrançais
  • Login
  • Cart

© 2022 Mathieu - Enjoy my carbon intelligence tool 😉.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?