Shell to spend $450m on carbon offsetting as fears grow that credits may be worthless
The fossil fuel firm Shell has set aside more than $450m (£367m) to invest in carbon offsetting projects, and plans to spend the equivalent of half the current market for nature offsets every year, the Guardian can reveal.
But a joint investigation by the Guardian, Die Zeit and Source Material into Verra, the world’s leading carbon standard for the rapidly growing $2bn voluntary offsets market, has found, based on analysis of a significant percentage of the projects, that more than 90% of their rainforest offset credits – among the most commonly used by companies – are likely to be “phantom credits” and do not represent genuine carbon reductions.
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