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A consortium of 10 West African nations has entered a discussion regarding the global use of carbon offsets to reduce emissions, asserting their importance in securing funding for climate and conservation initiatives.
Despite objections from certain experts who argue that offsets hinder climate change mitigation by allowing ongoing greenhouse gas emissions, others view them as essential for enhancing vital financial support.
In a letter to the Science-Based Targets initiative (SBTi), the world’s top corporate climate target verifier, the 10 countries called on its trustees to ensure offsetting is included within net-zero guidance to companies.
The letter, signed by Burkina Faso, Cape Verde, Ivory Coast, Gambia, Guinea-Bissau, Guinea, Liberia, Mali, Senegal and Togo, said recent reports questioning the validity of offsetting emissions were the work of “misguided activists”.
There is growing debate over the ethics and efficacy of offsets, also called carbon credits, to excuse some corporate emissions. Offsets are generated by investing in projects that lower or prevent carbon emissions and can be traded.
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The primary author of the letter informed journalists that the ambiguity in SBTi’s guidance was undermining corporate confidence and hindering financing.
Ousmane Fall Sarr, coordinator of the West African Alliance on Carbon Markets and Climate Finance, stated, “The SBTi serves as the gatekeeper that can facilitate financial support from global corporations looking to contribute to climate action while also working towards decarbonizing their operations.”
Presently, SBTi’s guidance restricts the use of renewable energy certificates, primarily for reducing Scope 2 emissions related to a company’s energy consumption. However, on April 9, SBTi’s board of trustees announced a potential allowance for their use in addressing Scope 3 emissions linked to supply chains, distribution, and product utilization. This development was positively received by companies and developing nations relying on carbon offset initiatives for financial gains.
Nevertheless, uncertainty lingers as the board deviated from SBTi’s standard policy-setting procedure. SBTi is conducting a review of scientific research and engaging in discussions before reaching a final decision.
Source: Reuters
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