JPMorgan Chase has announced it will purchase $200m worth of carbon removal credits to offset its CO2 emissions from direct operations by 2030. The investment will result in the removal of around 800,000 metric tons of carbon dioxide from the atmosphere. The bank previously pledged $75m to Frontier, a market commitment to purchase at least 1 billion tons of carbon removal by the end of the decade. The move is intended to “drive scalable development of carbon removal and storage” for their commercial potential. However, critics have argued that treating carbon removals as offsets will allow companies to avoid reducing their own emissions. The latest IPCC report highlights the need for a focus on both carbon capture and carbon dioxide removal if society is to limit global warming to 1.5 degrees by mid-century.
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...