Carbon-offset projects have overstated their climate benefits and struggle to deliver on their “promised land” — of ton-for-ton emissions compensation. Credit: KyotoU Global Comms/Jake TobiyamaCommitments to reduce greenhouse gas emissions are complex and multifaceted.
Trencher’s team investigated the behaviors of BP, Shell, Chevron, and ExxonMobil using a two-tiered analysis:: How does each major’s net-zero plans for 2050 differ with respect to the scope of emissions covered, plans to downscale fossil-fuel production, and reliance on offsets?: What kinds of offsets are leveraged for decarbonization and profit generation? How are offsets linked to core business...
The team reached two main conclusions from the two tiers of analysis, combining data obtained from each major’s annual and sustainability reports and websites with offsetting data from the voluntary carbon market: Second, “Our results point to questionable climate benefits for offsets,” adds Tohoku University coauthor Jusen Asuka, suggesting that most offset projects and carbon credits the majors use are for avoidingThese two findings challenge the authenticity of claims from the majors that have pledged to reach net-zero emissions by 2050 while transitioning to clean energy.
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