PARIS: Planting trees or safeguarding tropical rainforests have become popular tools for companies seeking to offset their carbon emissions and proclaim their commitment to the environment. However, recent scandals have cast a shadow over the carbon credit industry, revealing a landscape rife
Still, companies counted the resulting carbon credits towards their own reduction targets, allowing them to offset emissions in the carbon accounting of their operations.
Carbon credits are already widely used. According to various estimates, the number of tons of CO2 they represent could increase tenfold by 2030, to around 2 billion tonnes. Verra's CEO, David Antonioli, rejected these findings, arguing that"REDD projects are not some abstract concept on a piece of paper; they represent real projects on the ground that deliver life-affirming benefits".After the story came out, the price of nature-related carbon credits has dropped, according to Paula VanLaningham, global head of carbon at S&P Global.
Several independent rating agencies have since defended their methodologies, stressing the crucial need for financing projects protecting nature. The core issue with initiatives aimed at halting deforestation is the challenge of proving that deforestation would have occurred without the funding.
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