Wednesday, 18 January 2023

Thanks For Nothing

Verra is part of the currently $2bn (and growing) offset carbon credits market. A detailed analysis of Verra found that more than 90% of their rainforest offset credits were effectively 'worthless'. There was no evidence that they reduced levels of atmospheric carbon dioxide (https://www.theguardian.com/environment/2023/jan/18/revealed-forest-carbon-offsets-biggest-provider-worthless-verra-aoe). Verra's 'phantom credits' have been purchased by Disney, Shell, Gucci and other large companies. Their purchase enables those companies to claim that their operations are 'carbon neutral'. These bogus 'phantom credits', consequently, just make the climate crisis worse, whilst providing a 'nice little earner' for Verra.
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