Finance
Carney Taskforce Looks to Boost Global Carbon Offset Market
- Taskforce calls for futures market, rigorous accounting
- Critics say offsets distract from meaningful climate action
“This is complementary, it’s one piece of the puzzle, but we need this market,” Mark Carney told a panel at the WEF.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
A group set up by ex-Bank of England Governor Mark Carney seeks to bolster the scale and credibility of traded carbon offsets, even as critics warned the approach may not be the best way to tackle climate change.
The report by the Taskforce on Scaling Voluntary Carbon Markets released Wednesday laid out how a global market for trading carbon offsets, a tool that’s become increasingly popular with corporations seeking to zero out their greenhouse gas emissions. Buying such credits are often much cheaper than undertaking structural changes to lower emissions from a company’s operations.