The baffling menu of emissions-offset options
When all you want is a drinkable wine at an affordable price, the sommelier's list in a posh restaurant can seem more of a hindrance than a help. So it is with carbon offsets. The list of options can seem long and confusing when set against the simple objective of getting somebody else to reduce greenhouse gases on your behalf. And, given the intangible nature of offsets, buying a dodgy short on a tonne of carbon is just as easy as getting a corked bottle.
Quality is the offset market's most pressing issue, according to a new study of the voluntary carbon market by Ecosystem Marketplace and New Carbon Finance. The report counted 14 third-party offset standards, and seven registries, few of which are more than a year old. Offset retailers that accredit and verify their own products according to proprietary standards at least double these totals. With the price of offsetting a tonne of CO2 ranging from 45 cents to $45, and growing fears of sharp practice by "carbon cowboys," the industry needs guidance on quality.
Clarity will soon emerge, says Ricardo Bayon, director of Ecosystem Marketplace. He bets that the Voluntary Carbon Standard (VCS) hatched by the International Emissions Trading Association, the Climate Group and the World Economic Forum, will capture the largest offset volumes.
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