Global charities say using companies’ carbon offsets to lower emissions undermines climate targets

illuminem summarizes for you the essential news of the day. Read the full piece on the Wall Street Journal or enjoy below:

🗞️ Driving the news: Over 80 charities, including Greenpeace, Amnesty International, and Oxfam, are challenging the use of carbon offsets by companies and countries, asserting that it delays necessary climate action
• These organizations urge adherence to scientifically backed methods for reducing emissions and recommend excluding carbon offsets from climate strategies

🔭 The context: The debate has intensified after the Science Based Targets Initiative (SBTi) considered allowing offsets in emission reduction strategies, a move opposed by many of its partners
• Companies like Microsoft argue that offsets are essential for achieving net-zero targets, especially for indirect emissions

🌍 Why it matters for the planet: The charities argue that relying on offsets undermines genuine emission reduction efforts and can perpetuate harmful practices
• Effective climate action requires direct emission cuts and substantial financial support for sustainable projects, especially in the Global South

⏭️ What's next: The SBTi is still reviewing its policy on carbon offsets, with potential implications for corporate climate strategies worldwide
• The outcome of this review could shape future guidelines and practices for achieving net-zero emissions

💬 One quote: "The science clearly shows that offsets fail to deliver additional emissions reductions and are an unreliable tool for fighting the climate crisis," the groups stated

📈 One stat: Microsoft has committed $1 billion to its Climate Innovation Fund, which includes investments in carbon offset projects aimed at achieving its net-zero goals

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