The already questionable $2 billion a year voluntary emissions offset market is facing even more scrutiny.
, largely relying on carbon offset schemes and carbon capture and storage to do this. Carbon offsets rely on environmental projects to cancel out a company’s greenhouse gas emissions.
The new report further argues that the widespread use of these worthless offsets undermines the company’s net zero aspiration. Their net-zero aspirations only apply to less than 10 percent of the company’s carbon footprint–the upstream emissions that are produced from the production and transport of gas and oil. It excludes the downstream or end use emissions that are due to burning fossil fuels.
“Any climate plan that is premised on offsets, CCS, and excludes scope 3 [downstream] emissions is bound to fail,” Steven Feit, fossil economy legal and research manager at the Center for International Environmental Law,. “It’s clear from this report and other research that net zero as a framework opens the door for claims of climate action while continuing with business as usual, and not moving towards a low-carbon Paris [agreement]-aligned 1.5-degree [2.7 degree] future.
Bill Turenne, an external affairs coordinator from Chevron added via email that the report is “biased against our industry and paints an incomplete picture of Chevron’s efforts to advance a lower carbon future.” The offsets reviewed in the Corporate Accountability report are “compliance-grade offsets accepted by governments in the regions where we operate,” Turenne adds.
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