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illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: Amazon has sidestepped a global carbon offset standard developed by a non-profit funded by Jeff Bezos, choosing instead to back a new framework called Abacus
• This move aims to address the limited supply of quality-labeled offsets and help Amazon achieve net-zero emissions by 2040
🔭 The context: Despite Bezos' significant funding for the Integrity Council for the Voluntary Carbon Market (ICVCM), Amazon has developed Abacus with carbon registry Verra, citing the need for a more ambitious standard
• Other tech giants like Alphabet, Meta, Microsoft, and Salesforce plan to purchase Abacus-certified credits
🌍 Why it matters for the planet: Critics argue that creating alternative standards can cause market confusion and potentially lower the quality of offsets
• Ensuring high-integrity carbon credits is crucial for meaningful climate action and avoiding practices that merely shift emissions reductions without actual global benefits
⏭️ What's next: The Abacus label will be available within weeks, with ongoing evaluations to ensure its compatibility with existing standards
• Amazon continues to review numerous proposals and expects significant restoration projects to qualify for the new label
💬 One quote: "We want to ensure that every credit investment has a real, conservatively quantified and verified impact on emissions," said Jamey Mulligan, Amazon's head of carbon neutralization
📈 One stat: Amazon generated 71.3 million tons of carbon dioxide equivalent emissions in 2022, with 54.98 million tons from its supply chain
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