![]() ![]() Additionally, there is often a lack of clear information about where offset credits are coming from and what specific projects they are supporting. It can be difficult for companies and individuals to verify that the carbon offsets they are purchasing are actually resulting in real carbon reductions. However, in practice, current carbon offset markets are plagued by a lack of transparency and trust. On the one hand, there is an action that contributes C02 to the atmosphere, such as taking a flight, which is then countered by an action that removes an equal amount of carbon from the atmosphere, such as planting trees. These projects can include things like planting trees, investing in renewable energy, or capturing and storing carbon dioxide. The good news is that blockchain technology has the potential to revolutionize the way carbon markets operate, making them more effective and transparent, and transforming carbon offsets into a valuable tool in the fight against climate change.Ĭarbon offsetting is a way for companies and individuals to offset their carbon emissions by investing in projects that reduce or remove carbon dioxide from the atmosphere. That being said, carbon offsets aren’t going anywhere soon, and will continue to be a tool used by corporations in their ESG efforts and individuals to reduce their carbon footprint. In fact, because of the downfalls of the current system, you can’t be certain that if you were to purchase a carbon offset, that it would actually offset the amount of carbon it says it will. Sounds great, right? Well, the problem is that the system behind carbon offsets is broken. Carbon offsets have also become a core element of the ESG strategies for many companies trying to reach net-zero carbon emissions. ![]() For example, the last time you booked a flight you were likely given the option to offset the carbon produced by the flight. At the same time, carbon offsets have become more mainstream and public facing. Carbon markets have grown at an incredible pace in recent years, with the value traded in global markets increasing by 164% from 2020-2021 alone, and show no signs of slowing down. ![]()
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