Carbon Offsetting involves buying credits from another party engaged in actions that will reduce factors that can cause global warming. For example, if you want to make your car “carbon neutral” you would go to a broker that will calculate how much your vehicle contributes to global warming, charge you a rate for the credit, then sell that credit to another party that will offset the global warming contribution through various means (like reforestation).
Does this sound like a good plan to reverse global warming? I spotted a few holes in the logic and I mentioned them on the forum, after a little research I found many more.
Companies and individuals rushing to go green have been spending millions on “carbon credit” projects that yield few if any environmental benefits.
A Financial Times investigation has uncovered widespread failings in the new markets for greenhouse gases, suggesting some organisations are paying for emissions reductions that do not take place.
Others are meanwhile making big profits from carbon trading for very small expenditure and in some cases for clean-ups that they would have made anyway.
The following is a list of the failings that Financial Times found
Widespread instances of people and organisations buying worthless credits that do not yield any reductions in carbon emissions.
Industrial companies profiting from doing very little – or from gaining carbon credits on the basis of efficiency gains from which they have already benefited substantially.
Brokers providing services of questionable or no value.
A shortage of verification, making it difficult for buyers to assess the true value of carbon credits.
Companies and individuals being charged over the odds for the private purchase of European Union carbon permits that have plummeted in value because they do not result in emissions cuts.
Finally, there is another point to make. Even if the company you purchase your carbon credits from is completely honest about their activity, carbon offsetting does absolutely NOTHING regarding global warming. All it does is assuage someone’s guilt for having bought that gas guzzling vehicle, or for flying across the globe in an airplane, or the like.
Whenever you see a system set up designed around emotive thinking instead of logical thinking, there is a high chance that it is being exploited.