Many of the world’s most polluting companies are being handed a “get out of jail free” card by being invited to shape a scaled-up offsetting market, campaigners claim.
The Taskforce on Scaling Voluntary Carbon Markets is due to publish its “roadmap for implementation” on Wednesday, four months after it was launched by former Bank of England Governor Mark Carney, who is now a UN Special Envoy for Climate Action and Finance.
Carney’s group wants to hugely scale up the existing market, making it “large, transparent, verifiable and robust”. This, it claims, will help private corporations meet the UK’s net zero target by 2050, in line with Paris Agreement targets to limit the worst impacts of climate change by restricting global warming to 1.5C or “well below” 2C.
But critics have questioned whether the taskforce’s membership – which includes oil majors, banks and airlines – is best placed to shape the future of that market, given their problematic histories of delivering carbon offsetting projects.
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