Carbon credits not a climate “snooze” button

COMPANIES are being asked to be more careful about the way they use carbon credits, as awareness grows of the flaws in carbon markets and the limits to their impact on limiting emissions.

The Voluntary Carbon Markets Initiative launched a provisional Claims Code of Practice last Tuesday (Jun 7) to guide companies and non-state actors in making use of voluntary carbon credits as part of their net-zero commitments.

Among other things, the code requires that companies use carbon credits in addition to, not as a substitute for, science-aligned decarbonisation across their value chains. Companies have to first reduce emissions to meet interim goals before purchasing certain types of claims.