Offsets can mask insufficient efforts from firms to cut their own emissions, often deliver less than claimed, and can muscle out other environmental objectives in the rush to capture carbon, the Climate Change Committee warned.
Centrica told Sky News:"These carbon offsets were initially brought to back a tariff which has not been sold since 2019."We subsequently made the decision not to use them again as they were not aligned with our high environmental standards."
Some studies have projected that if demand keeps growing the global market could be worth up to $50bn by 2030.The CCC report says that current shortcomings"could be overcome with stronger governance to ensure high-integrity carbon credits and clearer guidance for businesses to encourage them to cut their own emissions first and foremost, before turning to offsets."
"But poor-quality offsets are crowding out high-integrity ones. Businesses face confusion over the right approach to take.
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