Verra Response to Guardian Article on Carbon Offsets

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

🗞️ Driving the news: Verra, a carbon offset standards organization, has rebuffed allegations by the Guardian of over-issuing carbon credits in its Reduced Emissions from Deforestation and Forest Degradation (REDD) projects, defending their credibility
• These allegations arose from a Guardian article, produced with Die Zeit and SourceMaterial, grounded on studies employing "synthetic controls"

🔭 The context: The criticized studies utilize "synthetic controls" to compare a project to a control scenario based on a set of variables impacting deforestation, known as covariates §
• Verra argues that these studies fail to account for site-specific factors causing deforestation, leading to a miscalculation of REDD projects' impacts

🌎 Why does it matter for the planet: Carbon credits play a critical role in global climate action by providing financial incentives for carbon reduction initiatives
• Therefore, the credibility and effectiveness of organisations issuing these credits are paramount

⏭️ What's next: Verra is working on transitioning all REDD projects to a single methodology using jurisdictionally-allocated baseline data
• This new methodology will ensure more consistency in calculating emission reductions within a given region

💬 One quote: "Verra has issued over one billion carbon credits since 2009, which have enabled billions of dollars to be channelled to urgent climate action, sustainable development, and the protection and restoration of ecosystems." (Verra)

📈 One stat: Verra has issued over one billion carbon credits since 2009, signifying its influence in the carbon offset market

Click for more news covering the latest on carbon