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illuminem summarizes for you the essential news of the day. Read the full piece on Reuter or enjoy below:
🗞️ Driving the news: The Science-Based Targets initiative (SBTi) has maintained restrictions on the use of carbon offsets by companies to meet climate goals, citing insufficient scientific support
• The decision comes amid debates on the effectiveness and quality of offsets
🔭 The context: SBTi's stance aligns with concerns that carbon offsets may allow companies to delay direct emissions reductions
• The organization supports using environmental attribute certificates as an alternative, provided companies first maximize direct emissions cuts
🌍 Why it matters for the planet: Carbon offsets, often seen as a tool for funding green projects, are criticized for potentially undermining real emissions reductions
• Maintaining stringent criteria helps ensure that corporate climate actions are genuinely impactful
⏭️ What's next: SBTi will further refine its guidelines, with a draft Corporate Net-Zero Standard expected for public consultation by late 2024
• Final updates are anticipated by the end of 2025
💬 One quote: "Cutting emissions directly must remain the priority for corporate climate action." — Alberto Carrillo Pineda, SBTi Chief Technical Officer
📈 One stat: The voluntary carbon offsets market is valued at approximately $2 billion
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