US pushed behind scenes for approval of corporate carbon offset plan

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

🗞️ Driving the news: Advisers to former US climate envoy John Kerry lobbied the Science-Based Targets initiative (SBTi) to accept carbon credits as part of corporate climate strategies
• This follows a policy shift by SBTi allowing carbon offsets, which are used by companies to counterbalance their emissions
• Kerry was pivotal in developing a scheme enabling developing nations to sell carbon credits

🔭 The context: The SBTi serves as a verifier of corporate climate commitments and is influenced by high-profile funders like the Bezos Earth Fund
• The controversial carbon credits are often criticized for overstating emission reductions and enabling continued fossil fuel use

🌍 Why it matters for the planet: The acceptance of carbon credits by SBTi could significantly affect global carbon markets and corporate emission strategies
• This could either spur or undermine efforts to meet global climate targets, depending on the integrity and effectiveness of the carbon credit system

⏭️ What's next: The decision by SBTi could lead to wider acceptance and use of carbon credits among corporations, potentially shaping future climate policies and the overall approach to achieving carbon neutrality
• However, scrutiny and skepticism remain regarding the actual environmental impact of these credits

💬 One quote: "There are trillions of dollars to be made out of hot air," expressed a concerned SBTi staff member, highlighting the financial stakes and skepticism surrounding the efficacy of carbon credits.

📈 One stat: "Developers have invested billions of dollars in the global market for voluntary carbon credits," illustrating the substantial financial involvement in the carbon offset market.

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