Science Based Targets Initiative Opens Door to Carbon Credits for Scope 3 Emissions, Raising Concerns
• The Science Based Targets initiative will allow companies to use carbon credits to reduce Scope 3 emissions from their value chains
• This could significantly boost the currently small global carbon credits market, potentially to over $1 trillion by 2050
• The decision came as a surprise to some experts affiliated with the Science Based Targets initiative
• Some critics warn it could enable greenwashing and question the climate science rationale
• The initiative plans to develop guardrails on the appropriate use of credits, with a first draft expected in July