illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: The market value of carbon offsets fell 61%, from $1.9 billion in 2022 to $723 million in 2023, following critical reports on the efficacy of carbon credit projects
• This contraction is attributed to scientific and media investigations revealing many offsets as ineffective and linked to human rights issues

🔭 The context: Carbon offsets are meant to represent the reduction or removal of one tonne of CO2 emissions, often used by companies to claim carbon neutrality
• However, investigations found that many rainforest protection offsets, the most popular type, are largely worthless

🌍 Why it matters for the planet: Ineffective carbon offsets undermine efforts to combat climate change and biodiversity loss, casting doubt on market-based solutions for environmental issues and potentially hindering the financing of genuine conservation projects

⏭️ What's next: There are calls for urgent reforms in the carbon market to ensure the effectiveness of carbon credits
• Industry and government initiatives, like those supported by the White House, aim to prevent greenwashing and improve the integrity of carbon offsets

💬 One quote: "Dramatically more finance is urgently needed to stop the ongoing loss of forests and the vital services they provide – a reformed voluntary carbon market could play a key role in providing that finance." - Julia Jones, Professor at Bangor University

📈 One stat: Offsets from rainforest protection schemes lost 62% of their value between 2022 and 2023

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