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Carbon offsetting has had some pretty bad press in recent times, with critics questioning just how green or new some offsetting projects are. But with the new Voluntary Carbon Standard (VCS), launched in London last week, it's hoped that carbon offsets will win back their credibility and be given a much sought-after framework.
Offset programs are already widely used and the market is expected to grow to $4 billion over the next five years. So how do they work? Well basically if a corporation wants to be carbon neutral it might, for example, give money to an organisation that will invest in projects that reduce pollution, such as a renewable energy project in developing country. The carbon dioxide emissions that are eliminated by that project can be sold and traded on carbon markets.
However, some of the projects have come under scrutiny and received some skepticism. In one case, BusinessWeek magazine investigated an offset project that did reduce pollution. But it was unclear whether that project qualified as something new or just part of what that company would have done regardless of any offset investment.
The global Voluntary Carbon Standard was developed by the Climate Group, the International Emissions Trading Association (IETA), and the World Business Council for Sustainable Development (WBCSD). The groups said that its verification process will bring greater transparency and rigor in certifying voluntary carbon offset projects.
In addition to voluntary markets for trading carbon reductions, there is a regulated market -- created in Europe after the establishment of the Kyoto Protocol. In the US, there are a few regional carbon emission reduction programs based on trading pollution allowances now being formed, and federal regulations are also being proposed.
Mark Kenber, Policy Director of The Climate Group and co-chair of the VCS Steering Committee, says: "Urgent and drastic action is required to stabilise climate change. The voluntary carbon market has an important role to play in bringing down emissions quickly and priming the pump of clean green innovation while the politics catches up."
Reduce, reuse and recycle may be the best model around, but for now carbon offsetting is a step in the right direction.
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