What is a carbon offset credit?
The reduction in greenhouse gases or an increase in carbon storage used to make up for the emissions caused elsewhere is generally described as a carbon offset and the idea of carbon offset credits stems from the concept. Carbon credits are a transferable instrument certified by the government and or independent certification bodies and can be used to balance out your carbon footprint.
The credit itself represents the reduction of 1 metric ton of CO2 or other greenhouse gases which can then be sold to another party to compensate for one's emissions. The recipient party can then retire the credit to cancel out their own greenhouse gas emissions. Individuals might use credits to offset the carbon emissions from their modes of transport while corporations and such would buy them to justify factory manufacturing.
Does this work?
If carbons offsets work can’t be answered with a simple yes or no. Having said that, there is undoubtedly a good number of people who express skepticism over the effectiveness and reliability of offsets. There are multiple examples of carbon offsets coming short of expectations like programs that sold credits for carbon reduction which didn’t follow through with the work promised. An example would be California investing heavily into forests to achieve carbon neutrality by 2045 but severely underestimating the monumental task before them, or environmental groups like Greenpeace calling an end to carbon offsets, to name a few. Many of the skeptics also believe that the carbon offsets are a convenient way for corporations and billionaires to put off accountability for their emissions.
On the opposite side of things, the major rationale behind buying carbon offsets is that it’s better than doing nothing. Although many corporations and individuals can (and should) put in the effort to reduce their carbon footprints, they argue that being able to cut carbon emissions to nil is not a possibility. While there are many concerns regarding the method and its credibility, it is still a small step (hopefully) in the right direction.
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