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compensation
Offsetting allows corporations to increase emissions, while getting credit for pseudo-reductions elsewhere
Investigation into Verra carbon standard finds most are ‘phantom credits’ and may worsen global heating
Many countries' pledges to get to net zero greenhouse gas emissions rely partly on removing carbon dioxide from the atmosphere, using methods such as planting trees and restoring degraded ecosystems. But a report out today has revealed they are relying too heavily on these carbon drawdown schemes to fulfil these promises. The Land Gap Report, which was released today by the University of Melbourne and includes input from more than 20 international researchers, has calculated countries would collectively need 1.2 billion hectares of land to meet their Paris Agreement goals.
National climate pledges would collectively require 1.2 billion hectares (about 3 billion acres) of land, researchers have found in a new study, The Land Gap Report. More than half of this land is already currently used for something else. This demand for land will put pressure on ecosystems, Indigenous lands, small farmers and food security. Protecting existing forests and securing Indigenous and community land rights are more effective than carbon capture plans requiring land-use change, including reforestation.
Suffering from Parkinson’s disease or cancer, European farm workers experience inadequate recognition and failing compensation schemes.
The Bootleg Fire is raging through a project in southern Oregon, where 400,000 acres of forest owned by Green Diamond Resource Co. are being preserved to compensate for greenhouse gas emissions elsewhere. Microsoft in February paid Green Diamond to offset a quarter million tons of the tech giant’s 2021 carbon emissions.Two other wildfires are active within a Colville Indian Reservation carbon project in eastern Washington.
There's likely to be a significant increase in the number of lawsuits brought against fossil fuel companies in the coming years, say researchers. Their new study finds that to date, lawyers have failed to use the most up-to-date scientific evidence on the cause of rising temperatures. As a result, there have been few successful claims for compensation. That could change, as evidence linking specific weather events to carbon emissions increases.
The Energy Charter Treaty is a little-known investment protection treaty. It allows foreign investors to claim billions in compensation from the signatory states before international arbitration tribunals if the companies feel treated unfairly by the states energy or climate policies. This procedure has numerous problems: The treaty is one-sided, because only companies can sue states. It is extremely vaguely worded and thus a gateway for investors to sue. The arbitration courts meet in secret like shadow courts. In some cases, it is not even made public that there are proceedings at all.
Proposals for coordinated climate action at the global level all too easily run into free-rider and fairness problems, leaving many of the most popular policy proposals dead on arrival. But a simple framework that gives all countries similar incentives would overcome these problems.
