• FrançaisFrançais
Impactant
  • Market insights
No Result
View All Result
  • Login
impactant.
  • Market insights
No Result
View All Result
impactant
No Result
View All Result

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

ImpactDigger by ImpactDigger
January 21, 2023
in Carbon market
Reading Time: 2 mins read
0
Share on FacebookShare on Twitter

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

Vistech has been awarded triple gold by the National Security Inspectorate for its outstanding security measures.

Vistech has been awarded triple gold by the National Security Inspectorate for its outstanding security measures.

October 3, 2023
0
Vistech Services has been acknowledged for its exceptional security standards.

Vistech Services has been acknowledged for its exceptional security standards.

October 2, 2023
0

The growth of carbon offsetting markets has been welcomed by many companies as part of their net zero plans, but the Guardian investigation found that the credits produced by the offsetting projects may not be effective in reducing carbon emissions. Lavazza, Leon, Berkeley Group, easyJet, Gucci, BHP, Salesforce.com, Pearl Jam, Disney, Boeing, and many smaller companies have all used offsets from projects that were either ineffective or stopped no deforestation.

Thomas Crowther, professor of ecology at ETH Zürich and co-chair of the United Nations Decade on Ecosystem Restoration, commented on the findings, stating that transparency is a key challenge and that it is critical to use the best available scientific approaches to ensure the accountability of environmental commitments at scale. He urged companies and citizens to be able to support projects they can trust, and for the creation of a system to make this a reality.

Source link

ImpactDigger

ImpactDigger

Related Stories

Vistech has been awarded triple gold by the National Security Inspectorate for its outstanding security measures.

Vistech has been awarded triple gold by the National Security Inspectorate for its outstanding security measures.

by ImpactDigger
October 3, 2023
0
0

Vistech Services, a security company based in Middlesbrough, has achieved three gold standard certifications from the National Security Inspectorate (NSI)....

Vistech Services has been acknowledged for its exceptional security standards.

Vistech Services has been acknowledged for its exceptional security standards.

by ImpactDigger
October 2, 2023
0
0

Vistech Services, a security company based in Middlesbrough, has recently gained recognition for its commitment to high security standards. The...

It has been suggested that the forest carbon offsets used by companies such as Shell, Salesforce, and others are largely ineffective and of little value.

The request has been denied

by ImpactDigger
October 2, 2023
0
0

The content at the provided link cannot be accessed due to permission restrictions on the server. The reference number for...

In my opinion, if implemented effectively, China’s new voluntary carbon credit market has the potential to bring about significant changes.

In my opinion, if implemented effectively, China’s new voluntary carbon credit market has the potential to bring about significant changes.

by ImpactDigger
October 1, 2023
0
0

China's voluntary carbon market is set to become a major player in advancing regional efforts to achieve net-zero targets. The...

Next Post
It has been suggested that the forest carbon offsets used by companies such as Shell, Salesforce, and others are largely ineffective and of little value.

It has been suggested that the forest carbon offsets used by companies such as Shell, Salesforce, and others are largely ineffective and of little value.

  • 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?