Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

REUTERS IMPACT-Greenpeace calls for end to carbon offsets

CommoditiesOct 06, 2021 08:06AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Executive Director of Greenpeace International Jennifer Morgan attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS/Denis Balibouse

(Reuters) - Carbon offsets are allowing the world's biggest polluters to forge ahead with business plans that are threatening global climate goals, the head of Greenpeace International said in an interview.

The model allows polluting companies to offset their emissions by buying credits from projects that reduce or avoid the release of climate-warming CO2 elsewhere, such as mass tree plantings or solar power farms - which could be worth $50 billion by 2030 according to a task force created to scale up the market.

Environmental advocates such as Greenpeace say this is allowing big emitters like oil majors to put off cutting their own emissions and avoid divesting from hydrocarbons, a primary source of greenhouse gases that cause global warming.

"There's no time for offsets. We are in a climate emergency and we need phasing out of fossil fuels," Greenpeace's Executive Director Jennifer Morgan said at the Reuters Impact conference.

She said one issue with planting trees as offsets was that it takes 20 years for trees to grow and offset emissions happening right now. In the interim wildfires could destroy the chance of reductions.

"These offsetting schemes ... are pure 'greenwash' so that the companies, oil companies, can continue to do what they've been doing and make a profit," she said.

There have also been issues with how the credits are counted.

In April CarbonPlan, a group that researches the integrity of programmes designed to offset emissions, said that 29% of the forest carbon offsets it analysed in a $2 billion programme in California overestimated the amount of emissions they were offsetting, totalling 30 million tonnes or about $410 million.

Greenpeace's warning comes at a decisive moment for the voluntary carbon market, whose proponents acknowledge the need to become more transparent and accountable.

Delegates at the U.N. climate conference next month are expected to work on designing a market to channel money into offset and emissions removal projects in the fight to reach net zero greenhouse gas emissions by 2050 and avoid the most devastating impacts of climate change.

However companies will need to stop investing in any new oil, gas and coal supply projects if the world wants to achieve net zero on schedule, the International Energy Agency (IEA) said in April - the global watchdog's starkest warning yet to curb fossil fuels.

To watch the Reuters Impact conference please register here https://reutersevents.com/events/impact/

REUTERS IMPACT-Greenpeace calls for end to carbon offsets
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (6)
Shinobi Jack
Shinobi Jack Oct 06, 2021 9:53AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
GP should have gotten behind nuclear power 20 years ago, instead of opposing the only power source that can truly replace Coal/Nat-Gas/Oil but instead we are in a mess and the political FU is coming their way
Catholic Man
CatholicMan Oct 06, 2021 9:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They have found the perfect derp photo.
Benjamin McIntire
Benjamin McIntire Oct 06, 2021 9:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Didn’t realize that was you in the photo
Salvador Hernández Sánchez
Salvador Hernández Sánchez Oct 06, 2021 9:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
No end, because the price oil and natural gas is very very expensive
Connecticut Yankee
A_Jaundiced_Eye Oct 06, 2021 9:02AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How much carbon does that hairdo of hers offset ?
Nordin Mohamad
Nordin Mohamad Oct 06, 2021 8:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
1st thing the green peace must lead the world by not using anything related to oil n gas...or just hypocrisy...??,
Kurz Malenda
Kurz Malenda Oct 06, 2021 8:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
blah blah blah
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email