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SBTi Responds to Bloomberg Criticism on Carbon Credits
Here is an article by Ecotextile News. As per this article,
- The Science-Based Targets initiative (SBTi) has released a statement addressing a Bloomberg article that criticized the organization for permitting the use of carbon credits to offset CO2 emissions in global supply chains.
- The SBTi CEO acknowledged the "chaos" surrounding the controversial proposals
- The response aims to clarify the SBTi's stance on the use of carbon credits and its commitment to maintaining robust and credible standards for corporate climate action.
While carbon credits seem inefficient and sometimes even corrupt, one cannot deny the incentive it gives companies to explore methods that do not emit greenhouse gases. Here are some successful projects based on carbon credits:
- The TIST Program in Kenya, Tanzania, and Uganda has planted over 180 million trees through small groups of subsistence farmers, generating over 40 million verified carbon credits (VCS) while providing jobs and community benefits
- The Hebei Guyuan Wind Power Project in China consists of 133 wind turbines with a total capacity of 199.5 MW, and has generated over 5 million verified carbon credits (VCUs) under the Verified Carbon Standard (VCS) since 2012
- The Larimer County Landfill Capture project has been operating since 2007, capturing methane gas from the landfill and using it to generate electricity, generating over 1 million carbon credits
