Carbon Offsetting In The Global South Provides A Moral Hazard – And No Escape

The COP27 conference which wraps up in the Egyptian resort of Sharm-el-Sheikh featured dire environmental predictions. Secretary-General of the United Nations António Guterres warned world leaders we are “on a highway to climate hell with our foot still on the accelerator”. This has prompted an array of responses of varying efficacy, including carbon offsetting on a global scale. Carbon offsetting is the process of mitigating carbon emissions by creating carbon sinks elsewhere to compensate for emissions that cannot be cut (For example, planting X trees per Y amount of CO2). Locally, carbon offsetting is a vital element of sound environmental policy. Internationally, carbon offsetting takes on dangerous unintended characteristics of a taxpayer-funded boondoggle.

Read more here.