The Biden administration introduced new guidelines to enhance the credibility of carbon offsets, which have been criticized for not effectively reducing greenhouse gas emissions.
Brad Plumer reports for The New York Times.
In short:
- The guidelines aim to define “high-integrity” offsets that deliver real, measurable emissions reductions.
- Businesses are encouraged to prioritize reducing emissions within their supply chains before purchasing offsets.
- Critics argue the guidelines are vague and lack strict enforcement, allowing ineffective offsets to persist.
Key quote:
"Voluntary carbon markets can help unlock the power of private markets to reduce emissions, but that can only happen if we address significant existing challenges."
— Janet L. Yellen, U.S. Treasury Secretary
Why this matters:
Properly regulated carbon offsets can be a valuable tool in the fight against climate change, but without stringent guidelines and enforcement, their effectiveness remains questionable. This debate impacts global efforts to reduce emissions and the financial support directed towards sustainable projects, particularly in developing countries.
