"Carbon neutral" claims are often based on credits certified by Verra, and surveys have suggested that many are worthless. These claims bombard us in supermarkets, online and on television and, said the Guardian, are based on carbon credits for a $2 billion voluntary compensation market. Gucci for example, but the fashion sector in general, uses them and presents them as a "nature-based solution", playing on the guilt that consumers feel in contributing to the loss of biodiversity.
Now, after the Guardian’s joint investigation into the rainforest credits, which indicated that many of them are worthless and often do not prevent any deforestation at all, the non-profit is making major changes to its rainforest offsets programme. It has committed to phasing out the current methods for producing credits by July 2025 at the latest.
There are big questions about the ability of offsetting to play even a minor role in climate change and biodiversity loss mitigation, and regulators in the EU, US and UK are started to take note. Offsetting projects involving whales and elephants could soon join their rainforest protection counterparts but there could soon be strict new rules about what businesses can say is “carbon neutral” using offsets in many countries. Whatever is allowed, there is not time to waste on ideas that do not work.
