Carbon offset markets and credits have been exposed as fraudulent and ineffective in reducing emissions, while direct air capture and carbon capture technologies have increased emissions. Despite this, the global carbon offset and credit trading service market is expected to grow at a significant rate, with projections of reaching $1,602.7 billion by 2028. Meanwhile, the US Inflation Reduction Act (IRA) of 2022 aims to incentivize capital subsidies rather than directing national industrial policy towards more sustainable production and consumption practices. While the IRA is expected to advance decarbonization in many ways, including driving more demand for electric vehicles and increasing growth of renewable energy, concerns remain about the role of corporate greenwashing in valorizing carbon credits and the potential for entrenchment of wasteful lobbying practices. The role of government investment in steering the private sector towards more sustainable practices is highlighted, with the need for a stronger international order and cooperation with Europe emphasized. Meanwhile, right-wing fearmongering surrounding the urban planning concept of the 15-minute city as a ‘deep state’ conspiracy theory has emerged, with conspiracy theories about ‘The Great Reset’ and individual freedom seizing the narrative. The importance of considering the demands of the physical environment and encouraging locally or community-based production is highlighted, with the need for regulatory stringency, embeddedness with important market institutions, and operating structure to be taken into consideration in analyzing the exploitation of profitable opportunities by firms.
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...