Originally. so-called carbon offsets were a laudable attempt to pursue greenhouse gas reductions in voluntary markets. Companies and individuals had a 'market' mechanism to begin the path to lower GHG emissions.
But since then, as states and nations enter agreements to form mandatory emissions markets, offsets are transforming from an interesting market experiment to a big-league loophole in the largest pollution market in the history of mankind.
As Congress debates the Waxman-Markey climate and energy bill, offsets may be the straw that breaks the climate's backs. Waxman-Markey is strong and important "green jobs" and "climate" legislation that should be supported as a historic chance to save the planet. BUT THE OFFSETS MUST BE REMOVED.
Joe Romm, an official in the Clinton Department of Energy, termed them RIP-OFFSETS is his analysis of last year's climate legislation at Climate Progress.
In 2025, there are 4392 million metric tons of CO2 (MMTCO2) of allowances. That is a hefty 27% reduction from the current level, which is about 6000 MMTCO2. .......(But)....
A full 30% of the allowances in 2025 can be covered by offsets, which is a stunning 1318 MMTCO2 of allowances.
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