This past February marked the 10th consecutive month in which the average global temperature set a record for warmth. Scientists are warning that the current rate of warming is unprecedented in the known history of our planet. As our globe continues to warm, it is becoming increasingly clear to even the most entrenched skeptics that we have a responsibility to address the excess carbon dioxide in our atmosphere. When a corporation, institution, individual, or other entity wishes to balance their carbon emissions, they often first turn towards efficiency measures. Light bulbs are changed, insulation is installed, packaging is reduced, transportation is addressed, and other activities are pursued that limit energy use and reduce carbon emissions. Even the most aggressive investments into energy efficiency however will not yield carbon neutrality. The one option to balance remaining carbon emissions is the pursuit of carbon offset projects. The World Bank has stated that carbon is the world’s fastest growing commodities market, with an annual value approaching $200 billion.  These carbon offsets come in various forms. Most common are credits that are given for renewable energy projects (solar, wind, geothermal, etc), improved forest management (managing forests in a manner that allows them to store more carbon than the norm), credits for avoided deforestation or degradation (the UN’s REDD mechanism allots credits to countries that limit deforestation beyond historical averages) and reforestation. Fraud in the carbon market A closer look at the inner workings of these strategies, however, exposes some uncomfortable realities. Horror stories of … Continue reading Carbon Markets and Climate Change