Carbon offset market needs radical reform 

The global voluntary carbon market, which allows companies to invest in environmental projects around the world to offset their own carbon footprint, could undermine global warming without an overhaul, a UCL and Trove Research study has found. Firms can offset their carbon dioxide emissions by purchasing credits from projects around the world that reduce emissions or remove carbon dioxide from the atmosphere. These include wind and solar farms, as well as initiatives to preserve forests or grow new trees. But, with 600 to 700 million tonnes of old carbon credits available, many of which are no longer considered valid in terms of offsetting, real carbon reductions are under threat. The Global Voluntary Carbon Market: Dealing With the Problem of Historic Credits , led by Trove Research with UCL Geography, says a new governing body is needed to deal with the surplus and set strict rules on what counts as a carbon credit. With increasing commitments from countries and businesses to go 'carbon neutral', the report also predicts the market for carbon offsets could be worth up to $25bn (£18bn) a year by 2030, compared with just $0.4bn (£300m) today. Study advisor Professor Simon Lewis (UCL Geography) said: "The carbon offsetting concept relies on the environmental integrity of the credits - specifically that money paid for the offsets is used to reduce emissions or capture carbon dioxide from the atmosphere. But methodologies and standards for defining carbon offsets - and the rigour with which the standards are enforced - have evolved and greatly improved over time.