Accounting firm EY has faced backlash for its involvement in the carbon offset market. The criticisms come amid allegations of fraud within the sector. EY’s own offset program has also been questioned after claims that it has invested in offsets based on unproven methods such as regenerative agriculture. The company is nevertheless participating in the market, with new hire Steve Hatfield-Dodds serving as one of three independent experts assisting former Australian chief scientist and inquiry head Ian Chubb to review the credibility of Australian Carbon Credit Units. EY’s involvement has attracted criticism from industry experts who say the firm should disclose potential conflicts of interest when it sells carbon offsets. Australian government tender applications require disclosure of such interests.
It is important that carbon credit schemes also benefit local communities.
The World Meteorological Organisation has stated that 193 countries have given unanimous backing to a scheme to monitor global greenhouse...