At first glance, big corporations appear to be protecting great swaths of U.S. forests in the fight against climate change. Last month, the non-profit said it would update its methodologies in the coming months and the new methodology would be available this year. We believe our actions as a company must meet the standard set by the stories we tell. To say verifiers vouch for the environmental integrity of a project, that shows a fundamental misunderstanding of what verifiers do, says Mark Trexler, a management consultant who authored the first carbon-offset methodology three decades ago and has worked on dozens of offset projects since. To avert the most dangerous effects of a rapidly warming planet, leading scientific bodies warn that global emissions must be cut by half in the next decade. However, Verra strongly disputed the studies conclusions about its rainforest projects and said the methods the scientists used cannot capture the true impact on the ground, which explains the difference between the credits it approves and the emission reductions estimated by scientists. 15 July 2016 | Washington, D.C. | Among a group of nearly 2,000 companies that publicly disclosed data in 2015, 17% use offsetting as part of a carbon reduction strategy - including familiar household names such as L'Oral, General Motors, and Delta Air Lines - according to a new report by Forest Trends' Ecosystem Marketplace, Buying in: Taking Since 2009, Disney has invested $48 million in carbon-offset projects. The approach to environmental sustainability is grounded in science and an assessment of where the Companys operations have the most significant impact on the environment, as well as the areas where it can most effectively mitigate that impact. Carbon offsets have become an increasingly common way for businesses to claim large reductions in their emissions. Mickey Mouse image by JD Hancock via Flickr. Many of these projects may have brought lots of benefits in terms of biodiversity conservation capacity and local communities, but the impacts on climate change on which they are premised are regrettably much weaker than hoped. For its projects, the Conservancy most often uses an ACR methodology filled with formulas explaining how carbon should be measured and counted. "You get a lot of bang for the buck in engineering costs," Antonoplis says. Once a project is set up, a third-party verifier must confirm that it follows these rules. Many offset projects do not even come close to 100 percent of the benefits they promise. They provide us with fresh air, filter toxins out of water sources and prevent erosion. Three projects in Madagascar have achieved excellent results and have a significant impact on the figures. Each year, the Conservancy spends around $150 million purchasing land or paying for easements that shield it. Human rights issues are a serious concern in at least one of the offsetting projects co-run by the NGO Conservation International and the Peruvian governments, with evidence people had been forced from their homes. When I saw those people using our models in their projects, I saw that I was part of this mess. For the credits to be real, the payment needs to induce the environmental benefit, says Danny Cullenward, a lecturer at Stanford and policy director at CarbonPlan, a nonprofit that analyzes climate solutions. Voluntary offsetting has become increasingly popular with companies but critics say it allows them to continue as normal instead of trying to significantly reduce their emissions. In the two decades before Bethlehem signed its contract, each year it harvested about 70 acres, or 0.4% of its watershed land, according to the carbon-offset project documents. JPMorgan has already acquired more than 96,000 of the offsets, which it applies to its own environmental ledger to help erase the emissions from its employees air travel. The questionable quality has created a stigma. Do Not Sell or Share My Personal Information. For instance, Stripe, a San Francisco-based technology company, recently paid $775 per ton to Climeworks AG, a Swiss company that uses renewable geothermal energy to capture CO2 from the air, concentrate it, and store it underground in rock formations. In January, a nine-month investigation by the Guardian, the German weekly Die Zeit and SourceMaterial found widespread problems with the system. Demand for voluntary carbon offsets has grown 140-fold in a decade, according to the non-profit group Forest Trends. General Motors The US' largest automaker plans to be carbon neutral in its global products and operations by 2040. Investigation into Verra carbon standard finds most are phantom credits and may worsen global heating. A senior Verra figure said this week it was time to move on from the current system. (Neighboring landowners sued the nonprofit for allegedly siphoning off their gas.) Forests have always played a healing role in nature. Disney also spent $3.5 million purchasing carbon credits from industrial processes, including the controversial destruction of the refrigerant gas, HFC-23. But offsets are a controversial tool for encouraging forest growth. But projects such as these undermine progress on climate change because their credits are derived from an outcome that had scant possibility of occurringand they can siphon money from projects that actually reduce emissions. It says that Delta, Alphabet, and Disney are among the biggest buyers of carbon credits. Why is investing in and restoring forests so important to Disney? Disney's investments in carbon offsets have reduced greenhouse gas emissions " equivalent to removing 900,000 cars from the road ". This most recent project, called Pennsylvania Ridges, is 3,800 acres of forested land in the center of the state, a three-hour drive from Hawk Mountain. The trees have remained untouched for 85 years. . It was incredible to see these beautiful animals and know that we are helping to protect the place they call home. They are also home to millions of animals, critters and communities. How the Nature Conservancy, the worlds biggest environmental group, became a dealer of meaningless carbon offsets. It has also drawn on dozens of interviews and on-the-ground reporting with scientists, industry insiders and Indigenous communities. The timeline of work on the schemes changes and that of the Guardian investigation have also been further clarified. Its safe to say there are strong discrepancies between what were calculating and what exists in their databases, and that is a matter for concern and further investigation. The Ecologist reports, As Germany attempts to abandon nuclear power, one small town has successfully overcome industry intimidation and begun its own post-nuclear age, Disney caught up in carbon offsetting controversy, Carbon trading in Paris Agreement has set us up for failure, Pope Francis is right. Although a number of studies have looked at offsets, these are the only three known to have attempted to apply rigorous scientific methods to measuring avoided deforestation. By avoiding this so-called baseline scenario of deforestation, the landowner generates hundreds of thousands of carbon offsetsworth millions of dollarsover a two-decade period. Nature Conservancy spokeswoman Ciaran Clayton said in an email that it enrolled the land in a carbon-offset project to demonstrate that sustainable forestry and carbon can keep [the] forest healthy, resilient, and productive for people and nature.. To receive the magazine, become a member now. Disney - the media company behind Mickey Mouse and world famous theme parks - has become the latest in a long line of multinational organisations to finance carbon offsetting schemes, which campaign groups say fail to reduce climate change and instead create ways to avoid cutting emissions. Now the fight is on as public calls to keep the coal in the ground get too loud to ignore. Verra argues that the conclusions reached by the studies are incorrect, and questions their methodology. The latest edition of Resurgence & Ecologist is out now, and available to buy. Royal Dutch Shell Plc says its spending $300 million over three years on projects that will eventually generate offsets by increasing the amount of carbon trees and soil absorb. In this case, the carbon payment from Stripe is causing the reduction to happen, because there is no other reason for Climeworks to carry out this expensive process. A ban on selling carbon credits from HFC-23 destruction has been proposed by the European Commission amid concerns manufactures are increasing production of the potent greenhouse gases in order to receive large payments for its destruction. She said: The implications of this analysis are huge. Yadvinder Singh Malhi, a professor of ecosystem science at the University of Oxford and a Jackson senior research fellow at Oriel College, Oxford, who was not involved in the study, said two of his PhD students had gone through the analysis without spotting any errors. But this Pennsylvania ridge wasnt in peril. In addition, as part of the carbon deal, Hawk Mountains lands are placed under a permanent conservation easement, meaning they cant be clear-cut three decades from now if the sanctuary goes belly up. "It enables us to easily enter into agreements to fund these projects.". Research by the University of Stanford estimated that as many as two-thirds of schemes under the UN's Clean Development Mechanism (CDM) do not provide additional reductions - in other words the project invested in did not create emission reductions that wouldn't have happened anyway. Sign up for our WEEKLY newsletters - and never miss out on the amazing news and comment articles we publish. Goodrich says Hawk Mountain had no intention to cut down most of its trees; that runs counter to their mission, and the sanctuary already had a management plan in place that protects the trees. This level of finance was delivered due to strong standards and methodologies, which we will continue to strengthen, in cooperation with governments, scientists, and local communities all over the world.. The world's leading carbon credit certifier - used by Disney, Shell, Gucci and other big corporations for climate claims - has said it will phase out and replace its rainforest offsets. Get articles like this delivered to your inbox. It plans to look more closely into the project. Third-party verifiers examine only whether a project follows the methodologys rules, not whether its at all plausible that, say, a sanctuary would harvest 89% of its trees in five years. City officials in Albany and Bethlehem both say its unlikely the municipalities would have done something so drastic. The collaboration between Conservation International and Disney demonstrates that forest conservation is one of the best and easiest ways to protect the planet and its inhabitants. She was one of several researchers who said urgent changes were needed to finance rainforest conservation. Climate change is a critical issue of our time, Daniel Pinto, co-president of JPMorgan, said in an October press release. But for now, we still stand by all of our current methodologies as the best in class and weve reviewed them over the years. Weve invested in more than 147,000 acres of forested landthe equivalent of four Walt Disney World parks! Charlie Eichacker / Maine Public "Not everybody pays as much for voluntary offsets as Disney does," she says. (It hopes to drive that cost down to $100 to $200 per ton.). The world's leading carbon credit certifier - used by Disney, Shell, Gucci and other big corporations for climate claims - has said it will phase out and Rick Sanderson FIFST on LinkedIn: Biggest carbon credit certifier to replace its rainforest offsets scheme "We like projects that have co-benefits and side benefits in addition to just pure GHG benefits," he says. The multimedia company challenged its business units to reduce their direct emissions through energy efficiency, fuel savings and fuel substitution initiatives and turns to the voluntary carbon markets to offset what it cannot reduce internally. For example, if an organisation estimates its project will stop 100 hectares (247 acres) of deforestation, it can use a Verra-approved formula to convert that into 40,000 CO2e (carbon dioxide equivalent) of saved carbon emissions in a dense tropical forest if no deforestation takes place, although the formula varies according to habitat and other factors. Hamers gift will help restore the land through sustainable forestry, reads a plaque the nonprofit gave him. Companies are using credits to make claims of reducing emissions when most of these credits dont represent emissions reductions at all. In the UK, EU and US, there is growing regulatory scrutiny of what companies can say using carbon credits, including claims of carbon neutrality. Thats not the case: The project documents show almost all of the credits come from the assumption that the land would have been heavily harvested. These registries create methodologies outlining rules that offset projects have to follow. The Cambridge group does not use synthetic controls. They have delivered billions of dollars for rural areas in the global south, in support of action on climate change and biodiversity loss. 2013 State of the Voluntary Carbon Markets report, reduced emissions from deforestation and forest degradation (REDD+) project. Before most people realized climate change was a pressing issue, the Conservancy began dabbling in carbon offsets as a way to raise funds to preserve forests. By funding the preservation of carbon-absorbing forests, the companies say, theyre offsetting the carbon-producing impact of their global operations. One strategy to improve the market is to show what the problems are and really force the registries to tighten up their rules so that the market could be trusted. With seed money provided by Disney . Before the Conservancy bought it, the area was specifically and immediately threatened by a pending logging contract, according to an archived version of its website. Just four projects were responsible for three-quarters of the total forest that was protected. This was a particularly pricey endeavor compared to other offset projects such as dairy methane, livestock or ozone-depleting substances projects, he notes. Here I am, 20 years later having the same conversation. As if to preempt any criticism for using offsets, Disney included a footnote when mentioning them in its sustainability report, pointing out that all credits are verified by accredited third-party reviewers. That is trueand, experts say, much less meaningful than it sounds. Barbara Haya, research fellow at the University of California at Berkeley, has studied these types of carbon projects for almost two decades. Rather than dramatically change their operationsJPMorgan executives continue to jet around the globe, Disneys cruise ships still burn oil, and BlackRocks office buildings gobble up electricitythe corporations are working with the Nature Conservancy, the worlds largest environmental group, to employ far-fetched logic to help absolve them of their climate sins. The nine-month investigation has been undertaken by the Guardian, the German weekly Die Zeit and SourceMaterial, a non-profit investigative journalism organisation. Verra, which is based in Washington DC, operates a number of leading environmental standards for climate action and sustainable development, including its verified carbon standard (VCS) that has issued more than 1bn carbon credits. In a series of articles in 2003, the Washington Post revealed the Conservancy was drilling for oilan odd practice for an environmental groupon land in Texas inhabited by an endangered prairie chicken. In 2020, companies purchased more than 93 million carbon credits, equivalent to the pollution from 20 million cars in a year. We've invested in more than 147,000 acres of forested landthe equivalent of four Walt Disney World parks! If it doesnt, its scary, because its a little bit less hope for reducing climate change.. Some companies, including Capital One Financial Corp. and Lyft Inc., recently announced they will steer away from using offsets to hit their sustainability targets. 2023 GreenBiz Group Inc. GREENBIZ and GREENBIZ.COM are registered trademarks of, Entergy seeks to lead on climate risk mitigation. Jan 18, 2023 Over 90% of the rainforest carbon offsets sold by the nonprofit organization that sets the world's leading sustainability standard "are largely worthless and could make global heating worse," an investigation published Wednesday by three media outlets confirmed. Verra earns $0.10 (8p) for every credit it certifies and approves tens of millions each year, increasing the non-profits revenues dramatically as the market has grown. Useful linksFriends of the Earth report: A Dangerous Distraction. It was further amended on 27 and 30 January 2023 to clarify in the headline and body text that Verra is a certifier of carbon credits, rather than a provider of such credits as an earlier version indicated. The forest carbon offsets approved by the world's leading provider and used by Disney, Shell, Gucci and other big corporations are largely worthless and could make global heating worse,. Those saved emissions can then be bought by a company and applied to its own carbon reduction targets. The fast food chain Leon no longer buys carbon offsets from one of the projects in the studies, as part of its mission to maximise its positive impact. But a review of hundreds of pages of documents underpinning those projects and interviews with a half-dozen participating landowners indicate that the Conservancy is often preserving forested lands that dont need defending. Rainforest protection credits are the most common type on the market at the moment. Only a handful of Verras rainforest projects showed evidence of deforestation reductions, according to two studies, with further analysis indicating that 94% of the credits had no benefit to the climate. Global. Ninety years ago hunters congregated on these mountains each fall to shoot the hawks for sport. Separately, the study by the University of Cambridge team of 40 Verra projects found that while a number had stopped some deforestation, the areas were extremely small. LS: The Mexico project is taking place on land owned by a local community without many economic resources. Some experts say this is just the beginning. "We're going to be expanding our program as we fold in our Scope 2 emissions, which will obviously increase the amount of projects that we'll be involved in," he told participants in a Climate Action Reserve (CAR) webinar last week. In the absence of carbon revenue, this land could otherwise undergo significant commercial timber harvesting including large scale clearcuts. Approximately 72% of the living trees on the property would be felled in five years. The forest carbon offsets approved by the worlds leading certifier and used by Disney, Shell, Gucci and other big corporations are largely worthless and could make global heating worse, according to a new investigation. The Post also exposed deals in which the Conservancy bought land and sold it at a loss to its wealthy donors, who then made a donation to the Conservancy to cover the difference, generating hefty tax write-offs for the benefactors. I think in the longer term, what we want is a consensus set of methods which are applied across all sites, he said. JPMorgan, Disney, and BlackRock tout these projects as an important mechanism for slashing their own large carbon footprints. Disney Environmental and Conservation Manager Lisa Shibata, who has traveled around the world to oversee projects that are impacting some of our most precious habitatsrecently spoke aboutDisneys commitment to forests. Through the Disney Worldwide Conservation Fund, we have supported conservation projects for almost 20 years, invested in conservation programs in 114 countries and worked with forest communities to protect wildlife and critical forest habitats. Disney has filled this role through the responsible actions it has taken as a company, including efforts to use resources wisely and conserve nature as the Company operates and grows. Its called Improved Forest Management Methodology for Quantifying GHG Removals and Emission Reductions Through Increased Forest Carbon Sequestration on Non-Federal U.S. Forestlands. The rules do very little to ferret out nonfederal owners who might already be managing their lands sustainably for different reasons. I have a responsibility to demystify [the system]. Laura Watson Two sharp-shinned hawks float elegantly above sloping Appalachian ridgelines, long black tails pronounced against the light gray October sky. "They're friendly contracts to negotiate and we each have kind of a reputational stake in the project working," Antonoplis says. Now, with an increasing number of companies looking for creative ways to cut emissions, the nonprofit has accelerated its work on carbon projects. Back in Pennsylvania, the Nature Conservancy has found a new swath of land to enroll in its carbon-offset program. Among other things, critics argue that projects can overstate how much carbon they're offsetting and enable big corporations including Shell Oil, Delta Airlines and Disney to avoid the harder work of reducing their fossil fuel dependence. We are at an absolutely critical place for the future of tropical forests. This article was amended on 20 January 2023 to add a statement from Verra that was received after publication. They viewed the offset payments as cream on the top, Haya wrote in a 2009 paper. The project, which Antonoplis calls "fantastic," has generated 3 million metric ton of emissions reductions (MtCO2e) so far, and delivered a host of benefits for the local populations. Find more age of extinction coverage here, and follow biodiversity reporters Phoebe Weston and Patrick Greenfield on Twitter for all the latest news and features, Original reporting and incisive analysis, direct from the Guardian every morning. ", The entertainment giant's offset purchasing strategy assumes that a vibrant voluntary market exists, Antonoplis says. So why have its carbon emissions gone up? This work highlights the main challenge with realising climate change mitigation benefits from Redd+. Not because of nuclear closures, writes Melanie Mattauch, but because powerful fossil fuel companies have blocked effective climate action. "The vibrancy of the market and the verification standards and the ability to get these projects off the ground and going has really worked well for us.". But there are gaping loopholes that can let in programs that clearly dont represent real emissions reductions. If the COP21 UN climate negotiations in Paris are to achieve anything of value, first they must ditch the false solution of carbon markets. Illustration: Nathan Levasseur for Bloomberg Green.

Disney's carbon credits will cover its indirect greenhouse gas emissions from purchased electricity, heat or stream.

. The Nature Conservancys headquarters in Arlington, Va. Few have jumped into this growing market with as much zeal as the Nature Conservancy, which was founded 69 years ago by a small group of ecologists seeking to preserve the last unspoiled lands in the U.S. You recently visited projects in Mexico and China. Id like to find that conserving forests, which conserves biodiversity, and conserves local ecosystem services, also has a real effective impact on reducing climate change. With the window to address climate change slamming shut, many observers say the scarce resources to tackle this problem should be funneled into projects that actually result in concrete emissions reductions. Disney declined to comment on the claims. Carbon dioxide is known as a global gas, meaning that no matter where or how its emitted, it mixes with the atmosphere and ends up distributed around the planet. Our time, Daniel Pinto, co-president of JPMorgan, said in an October release! 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