To address concerns of “greenwashing” and provide clarity on credible offsetting practices, a set of principles known as The Oxford Offsetting Principles has been published. Intended to serve as a valuable resource for cities, governments, and companies, these principles aim to establish clear guidelines for determining what constitutes a credible offset. The hope is that by adhering to these principles, entities can avoid unwanted scrutiny and accusations of insincere climate action.
The Importance of Offsetting and Greenhouse Gas Removal:
Professor Cameron Hepburn, from the Smith School of Enterprise and Environment at the University of Oxford, supports the use of offsetting and emphasizes the significance of creating demand for long-lived greenhouse gas removal and storage. Hepburn believes that this is essential for achieving the goals set out in the Paris Agreement, regardless of personal preferences or opinions.
Priority on Emission Reductions and Demonstrable Integrity:
The report reiterates the principle that emission reductions should take precedence over offsetting programs. It emphasizes the importance of demonstrating the integrity of any offsetting undertaken. This means ensuring that offset projects are genuinely capable of removing or reducing carbon from the atmosphere in a verifiable and measurable manner.
Focus on Direct Carbon Removal and Long-Term Storage:
The Oxford Offsetting Principles stress the need to prioritize offsets that directly remove carbon from the atmosphere. Additionally, emphasis is placed on offsets that achieve permanent or near-permanent carbon removal by safely storing it in long-lived storage options. By focusing on these types of offsets, entities can maximize the impact of their climate actions and contribute to long-term carbon reduction goals.
Join the Carbon Forward Conference:
To delve deeper into the topic of carbon removal as a solution, the Carbon Forward Conference, scheduled for October 15th, offers an opportunity to gain valuable insights. The conference will feature a panel discussion titled “Hitting Net-Zero Carbon Removals,” moderated by Eve Tamme. Esteemed panellists, including Celine Olesen from Climeworks, Antti Vihavainen from Puro Earth, and Derik Broekhoff from the Stockholm Environmental Institute, will share their expertise on this important subject.
The publication of The Oxford Offsetting Principles provides a much-needed framework to ensure credible offsetting practices and mitigate accusations of “greenwashing.” By prioritizing emission reductions, demonstrating offset integrity, and focusing on direct carbon removal and long-term storage, entities can make genuine strides towards meeting climate goals. The upcoming Carbon Forward Conference offers a platform for further exploration of carbon removal as a vital solution in the journey toward achieving net-zero emissions.
