Will The Federal Trade Commission Lead The Climate Reformation?
As of last year, more than a third of the world’s largest publicly traded companies had set targets to reach net zero carbon emissions, up from a fifth in December 2020. But a dirty little secret lies behind most net zero commitments: Companies are buying carbon offsets to meet their goals — paying for absolution just like pre-Reformation Catholics buying Indulgences to offset their sins.
Under the law, the U.S. Federal Trade Commission has the power to hold companies liable for marketing that harms consumers’ health or wealth by misleading them into buying a product or service based on a false or deceptive claim. The FTC just closed public comment on how to amend its classic Green Guides in light of new market realities.