Fossil futures built on a house of cards – report on the voluntary carbon market
This report looks at how fossil fuel actors are seeking to expand the voluntary carbon market to enable the continuation of the fossil fuel economy.
The demand for carbon offsets is forecast to skyrocket in the coming years, for several reasons: COP26 in 2021 gave the green light to a global carbon trading mechanism (Article 6); more and more countries are chasing ‘net zero’ targets; new shipping and aviation offset schemes are emerging; and fossil fuel corporations are greenwashing their continued emissions with “nature-based” offsets.
The only way we will successfully keep temperature rise below 1.5°C is a rapid, just, and equitable transition to a peoples-centred, renewable energy system. There is no room for offsets on the path to fossil-free futures.
This report is written by Professor Doreen Stabinsky, author of 2021 report Chasing Carbon Unicorns. It is published by Friends of the Earth International, with the support of 32 allied organisations from the climate justice movement.