Big companies' demand for low-quality offsets undermines the climate integrity of the voluntary carbon market

A growing number of companies have committed to net zero by 2050 to support climate change mitigation efforts under the Paris Agreement. To achieve this goal with minimal changes to their core business, many companies use or plan to use carbon offsets (also known as carbon credits). Offsets can be procured at low cost and are abundant in the Voluntary Carbon Market (VCM). The appeal of offsets lies in their ability to allow companies to outsource decarbonization efforts to external initiatives, avoiding the more complex task of transforming their own operations and supply chains and phasing out fossil fuels. VCM subsequently grew rapidly. It is worth around $2 billion in 2022 and is predicted to continue to grow in value and scope as companies increasingly seek to offset their emissions. (Gregory Trencher, Sascha Nick, Matthew Johnson , more at natutr.com)