Carbon markets allow companies to pollute more than they're allowed and compensate by offsetting their emissions, paying someone else not to pollute or funding projects like carbon capture and reforestation. Problem is: there is no evidence that they actually work.
Offsetting emissions also brings major equity problems: the rich and historic polluters pay the poor not to pollute. Everyone needs to reduce their emissions, but historic emitters must start first and reduce their fair share, not get out of it using accounting tricks.
If official international carbon markets like the EU Emissions Trading Scheme don't work, voluntary schemes have zero chances to actually reduce emissions. And if the likes of BP and Total want to make the rules on pollution you can bet they've done their math. đź–©
This report is extremely dangerous. If voluntary carbon markets become a thing, it will be super easy for mega polluters to just pretend they're great climate leaders: they'll keep drilling and burning, but pay someone else to “offset”. Meanwhile, the planet goes up in 🔥
What can you do about it? Write to @COP26 President @AlokSharma_RDG and UNFCCC head @PEspinosaC to make sure this report is never considered when discussing a global agreement on carbon markets in Glasgow.
You can follow @350.
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