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illuminem summarizes for you the essential news of the day. Read the full piece here in The Guardian or enjoy below
🗞 Driving the news: A new quality standard by the Voluntary Carbon Markets Integrity Initiative (VCMI) advises companies to abandon offsetting-based environmental claims and embrace a “climate contribution” model instead
• Companies are urged to disclose their annual emissions, show they are meeting a science-based target in line with the Paris Agreement, and use carbon credits only to aid climate mitigation
🔭 The context: This shift comes amidst criticisms of greenwashing in the carbon offset industry, VCMI urges companies to source high-quality credits, validated by ICVCM, which is soon to detail what 'good' carbon credit entails
🌏 Why it matters for the planet: Claims of carbon neutrality using offsets have been contentious, leading to lawsuits and proposed regulation
• This shift to a 'climate contribution' model aims to provide clarity, consistency, and prevent misleading climate claims that can harm both businesses and the environment
⏭️ What's next: Several organizations, including Nestlé's KitKat, fast-food chain Leon, and Albert (the UK film and TV industry's sustainability certification under Bafta), are distancing themselves from "carbon neutrality" claims based on offsets
• These companies are opting for more direct emissions reductions in their operations
💬 One quote: "We frame the use of carbon credits our companies might make as contributions above and beyond what they should be doing to decarbonise themselves," (Mark Kenber, executive director of the VCMI)
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