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West African nations call for firms to be able to offset carbon

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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 Reuters or enjoy below:

🗞️ Driving the news: A coalition of ten West African nations is advocating for the inclusion of carbon offsets in corporate net-zero guidance to attract necessary climate financing
• These nations argue that carbon offsets are critical for funding conservation and climate initiatives

🔭 The context: The Science-Based Targets initiative (SBTi) currently limits the use of renewable energy certificates for Scope 2 emissions, but is considering expanding guidelines to include Scope 3 emissions
• This debate comes amidst growing scrutiny of carbon offsets' effectiveness and integrity

🌍 Why it matters for the planet: Including carbon offsets in corporate climate strategies could mobilize substantial financial resources for developing nations, supporting sustainable development and climate resilience efforts

⏭️ What's next: The SBTi plans to review scientific research and conduct a public consultation before finalizing its guidance on carbon offsets, with significant implications for corporate climate policies

💬 One quote: "There is no alternative, we are at a pivotal moment," stated a West African nations' letter to the SBTi

📈 One stat: The OECD estimates that poor nations' climate investment needs could reach $1 trillion annually by 2025

Click for more news covering the latest on carbon

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