Corporate climate watchdog keeps lid on buying carbon offsets to meet climate targets

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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