· 2 min read
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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