Skepticism over whether carbon offsets has plagued the voluntary carbon market since its inception. The practice of “replacing” greenhouse gas emissions an organization has already used with a greenhouse gas emission reduction in the form of a planted tree or renewable energy or other form has
A long story in the New Yorker last year spilled the tea on some of the below-board practices of companies that sell carbon offsets. Even carbon offset companies with the best intentions sometimes fail to have the impact on climate mitigation they claim.
Even when a company does responsibly replace carbon and sell the offsets correctly, critics still say the entire practice of carbon offsets is antithetical to the real work of solving climate change. Companies shouldn’t be able to “buy” their way out of being emitters, these critics say. Rather, they should spend the money necessary not to emit in the first place.
The Biden Administration, however, is not ready to give up on carbon offsets. Biden’s top economic and climate advisors have released a 12-page guidance document for organizations to maximize the value of carbon offsets, both for their companies and also climate change mitigation.
According to Grist, the new guidelines are intended to address a “crisis of confidence” in the voluntary carbon market. The global voluntary carbon market is currently valued at around $2 billion and could grow to $1 trillion by 2050.
Greg Zimmerman is senior contributing editor for FacilitiesNet.com and Building Operating Management magazine.
