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Carney Says Carbon Offsets Must Be Limited to Residual Emissions

Mark Carney
Mark CarneyPhotographer: Simon Dawson/Bloomberg

The use of carbon offsets should be a last resort to cover only a small fraction of emissions if the world is to achieve meaningful decarbonization, according to Mark Carney, the co-chair of the Glasgow Financial Alliance for Net Zero.

The “best practice” is “really that those offsets are at the end of a process of reducing absolute emissions,” Carney said during a presentation in Oslo hosted by Norges Bank Investment Management. “So it’s the residual emissions.”