Verra, an NGO based in a nondescript Washington, D.C. office, dominates the voluntary carbon credit market, certifying 75% of offsets. Companies like Apple and Volkswagen purchase these credits, claiming to offset their CO2 emissions through various projects, including forest conservation. However, investigations by DIE ZEIT, The Guardian, and SourceMaterial reveal that many of these carbon credits are likely worthless, with studies showing over 90% of credits from some projects do not represent actual CO2 reductions. The Verra system, influenced by industry stakeholders, has been criticized for its flexible rules that allow for inflated CO2 savings projections, raising questions about the actual impact of these carbon offset strategies on the climate crisis.
Companies around the world rely on credits to offset their CO₂ emissions. They have relied for years on carbon credits that prevent far fewer emissions than promised.
Source: CO2 Certificates: Phantom Offsets and Carbon Deceit | ZEIT ONLINE