94% Of Forest-Based Carbon Offsets Certified By Leading Global Provider Are ‘Phantom Credits’
Are carbon offsets a useful tool on the road to net zero or simply another form of greenwashing?
A new investigation from The Guardian, Die Zeit and SourceMaterial leads heavily toward the latter conclusion. The report, published Wednesday, found that more than 90 percent of the rainforest offset credits offered by top carbon standard Verra are actually what The Guardian called “phantom credits” that don’t actually remove carbon dioxide from the atmosphere.
“The implications of this analysis are huge,” Barbara Haya, who leads the Carbon Trading Project at the University of California, Berkeley, told SourceMaterial. “Companies are making false claims and then they’re convincing customers that they can fly guilt-free or buy carbon-neutral products when they aren’t in any way carbon-neutral.”