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illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:
🗞️ Driving the news: An analysis by Corporate Accountability reveals that top corporations, including Delta, Gucci, and ExxonMobil, have invested in carbon offset projects deemed "likely junk," casting doubt on their emissions reduction claims
🔭 The context: The analysis found that over a third of the offsets in the portfolios of 33 of the top 50 corporate buyers were likely worthless
• Issues include emissions cuts that would have occurred anyway and emissions shifted elsewhere, especially in forestry and hydroelectric projects
🌍 Why it matters for the planet: These findings suggest that the voluntary carbon market may not deliver the promised climate benefits, potentially delaying meaningful action on reducing fossil fuel reliance and causing harm to forests and communities in developing countries
⏭️ What's next: Some corporations are moving away from carbon offsetting towards more direct emission reduction strategies, but the voluntary carbon market remains a popular, albeit controversial, tool among many major polluters
💬 One quote: “This research once again shows that big corporate polluters claiming climate credentials are the main buyers of junk credits But racking up carbon credits doesn’t make you a climate leader. Cutting fossil fuels does,” said Erika Lennon, senior attorney at the Centre for International Environmental Law
📈 One stat: Almost 72% of the 11 million carbon credits purchased by easyJet were found to be likely junk
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