initiatives are being funded by Shell to the tune of $450 million, despite concerns that the credits may be of no value.

Shell, one of the world’s largest oil companies, has set aside $450m to invest in carbon offsetting projects, with the goal of spending the equivalent of half the current market for nature offsets every year. However, a joint investigation by the Guardian, Die Zeit, and Source Material into Verra, the world’s leading carbon standard for the voluntary offsets market, has found that more than 90% of their rainforest offset credits are likely to be “phantom credits” and do not represent genuine carbon reductions.

Shell’s decarbonisation strategy includes reducing their scope 1 and 2 emissions from 68m in 2021 to 41m in 2030, through renewable power and efficiency improvements, with nature-based solutions (NBS) accounting for 2-7m tonnes of this reduction. In 2020, Shell invested $90m in NBS projects, and allocated $480m to various projects the following year, with $456m of it for NBS projects. Shell has also been involved in the creation of the carbon market, with staff sitting on key advisory posts.

You might also like

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.

February 1, 2023

0

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

January 31, 2023

0