Some 90 per cent of credits offered by the world’s leading provider, Verra, are likely “phantom credits', according to the study. Read more at straitstimes.com.
PARIS - A system that allows big corporations to buy carbon offsets in rainforests to cancel out their harmful emissions is essentially “worthless”, an analysis by several media organisations showed on Wednesday.
However, some 90 per cent of credits offered by the world’s leading provider, Verra, are likely “phantom credits”, said the study by British newspaper The Guardian, German weekly Die Zeit and SourceMaterial, a nonprofit investigative journalism organisation. “Only a handful of Verra’s rainforest projects showed evidence of deforestation reductions, according to two studies, with further analysis indicating that 94 per cent of the credits had no benefit to the climate,” said The Guardian.
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