Amazon, ExxonMobil and Microsoft have joined a new task force to shape the image of the scandal-dangerous voluntary carbon market.
A task force organized by a bipartisan policy center think tank hopes to improve the credibility of the voluntary carbon market, study the status quo, and draft “policy recommendations on how the federal government can promote fair, efficient and transparent markets.” The task force website.
The group announced last week that it included 17 independent members. This has made their stock a huge boost as tech companies invest in AI intensified. But they also inspire their ability to meet climate commitments.
Microsoft’s carbon emissions surged in 2023, despite Nearly 20 GW Renewable capability according to the contract. Amazon’s progress has stalled and has only declined slightly during the same period, even though it has invested heavily Renewable energy and Electric vehicles.
To keep its net zero target range, both companies have become major players in the voluntary carbon market. Microsoft bought it More than 7 million metric tons Carbon credits were only last month, and last year Amazon and other companies purchased them Valued at $180 million Save a series of rainforest offsets in Brazil.
But in recent years, these markets have been shocked by scandals.
2023 survey reveal The Verra is a certified carbon credit nonprofit that has sold thousands of offsets that are in fact worthless. Verra sells points that allegedly reduce deforestation in places like Peru. Analysis shows that there is no huge risk of logging or removal in these areas. The survey shows that more than 90% of rainforest-related credit has little effect on reducing carbon emissions.
Verra disputes the report. Six months later, the organization’s long-term CEO Resign.
The task force formed last week also included representatives from startups such as Heirloom, Isometric and Bezer. The nonprofit is also part of the task force, with former Verra CEO and executives of timber giant Weyerhaeuser.
