Improvements were made to carbon offset policies to ensure delivery of claims.
President Biden’s administration announced updates to managing voluntary carbon credits this week, strengthening guidelines for the use of carbon offsets among larger private companies.
Carbon offsetting occurs when companies fund ecologically positive projects in order to “offset” the negative impact their operations have on global emissions. These projects are often done in developing countries and can include reforestation, landfill management, and renewable energy construction.
A recent review of these investments found that many of the projects did not actually deliver the promised reduction in greenhouse gas emissions. To address this lack of integrity, the president’s administration has implemented stricter standards to ensure that carbon offset projects will have the positive impact they claim before they begin.
“Voluntary carbon markets can help unlock the power of private markets to reduce emissions, but that can only happen if we address significant existing challenges,” said Treasury Secretary Janet Yellen. “The principles released today are an important step toward building high-integrity voluntary carbon markets.”
As the Lord Leads, Pray with Us…
- For Secretary Yellen as she oversees the implementation of carbon offsets for private companies.
- For wisdom for administration officials as they pursue global emission reductions.
Sources: Reuters, NY Times
