Companies are buying up cheap carbon offsets − data suggest it may be more about greenwashing than helping the climate
Companies are buying up cheap carbon offsets − data suggest it may be more about greenwashing than helping the climate
A deep dive into 866 public companies and 1,413 carbon projects reveals some twists in who relies on cheap offsets and who chooses to cut their own emissions instead.
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It's even worse. The places that sell carbon offsets are often poorer parts of the world. The selling is essentially a privatization of carbon sinks. As is tradition, these privatizations are very under-priced. Worse still, as they're selling carbon sinks, they will not have those carbon sinks for themselves in the future if they choose to "develop" and emit more GHGs... they'll have to buy carbon credits from some other fools and the prices are not likely to be lower.
It's all very silly.