The efficacy of the carbon market continues to spark debate, especially given the greenwashing and lack of oversight that abounds among companies who volunteer to take part. And various investigations have determined that many carbon credits have no meaningful effect on greenhouse gas emissions or the environment, simply providing corporate feel-good claims with little backing.
ClimateWire’s Avery Ellfeldt provided an analysis of the wild west nature of carbon markets, speaking to experts such as SEI Senior Scientist Derik Broekhoff.
“I don’t think anybody thinks voluntary markets are going to solve climate change,” Broekhoff said. But these credits could pour “billions of dollars into climate change mitigation around the world that otherwise would not be forthcoming.”
Broekhoff also serves on the expert panel for the Integrity Council for the Voluntary Carbon Market, which is working to develop a “seal of approval” for quality offsets that provide a demonstrable environmental benefit, making it safer for companies to buy in.
ClimateWire is a subscriber-only news service, but Politico offered a free overview of the article in its sustainability newsletter, The Long Game.