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The trouble with voluntary carbon offset markets
Aerial view of the area between Beni and Butembo in the eastern Democratic Republic of the Congo. The Congo Basin alone houses six percent of all the irrecoverable carbon on earth. PHOTO | SHUTTERSTOCK
As the climate crisis becomes impossible to ignore, voluntary demand for carbon credits is surging. It is, therefore, no surprise that the recent purchase of 2.2 million tonnes of carbon credits by the Saudis during the recent second regional voluntary carbon market auction easily exceeded previous records.
This is a positive sign. What this means is that when Aramco, Saudi Arabia’s State oil company, for example, offers “carbon neutral” oil to its customers, the idea is that burning the oil will result in zero emissions.
