Voluntary CO2 market not netting emissions cuts
Voluntary Carbon Offset came out of The United Nation's Clean Development Mechanism (CDM), it allows individuals and organizations to reduce greenhouse gas emissions by funding projects in developing countries.
As compensation investors are offered credits toward their own emissions or sold for profit.
This voluntary CO2 system primarily involves investors from the U.S. and Europe, and has only offset carbon emissions by 34.69 million tonnes, compared to 123 million tonnes in the 2008 market.
The major problem with this system is investors attempt to keep their credits alive as long as possible, instead of relinquishing them.
"The voluntary market is too small and not making a big enough impact. We need to be making a gigatonne of reductions," said Jonathan Shopley, co-chair of industry representative
The International Carbon Reduction and Offset Alliance.
Major attributions to the program include, a global awareness about the dangerous of CO2 emission, prevention, and reparation between companies, countries, and consumers.
Mark Chadwick, chief executive of carbon management firm Carbon Clear, stated, "We need to stay focused on reducing emissions wherever they are and do it as quickly as we can."
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Author: Caitlin Martinez
Photo: Bruno Calentamiento/flickr