Carbon credit speculators could lose billions as offsets deemed ‘worthless’
Many carbon credits bought by speculators have no environmental value and have become useless assets, potentially causing them to lose billions of dollars.
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Posted 8/24/2023, 6:58:00 PM
theguardian.com
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Bad carbon credits are edging out good ones in the carbon offset market, posing a significant challenge in the efforts to reduce greenhouse gas emissions and combat climate change.
The voluntary carbon markets have experienced a decline for the first time in at least seven years, with companies reducing their purchases and concerns arising about the effectiveness of forest protection projects in delivering emissions savings. This decline has negative implications for poorer nations reliant on funds from multinational companies for climate mitigation projects.