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US pushed behind scenes for approval of corporate carbon offset plan

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By illuminem briefings

· 2 min read

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.

Click for more news covering the latest on carbon


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