The notion of how we can do more to reduce the level of damage to the environment has surged in momentum over the last few years. Scientists, activists and keen environmentally friendly enthusiasts have realised that more needs to be done if we are to save our planet from ruin. But what are the large conglomerate companies doing about it? when in reality they are the ones that are significantly contributing to the levels of co2 that are pumped into the air each day. What plans are in place that could help alleviate such matters and will it really make a difference now, or is too late?
By Team Savant
Image: Markus Spiske
Why It Is An Important Issue
In December 2015 a legally binding agreement was set up between the EU and its Member States entitled The Paris Agreement which established a set of targets that each country would need to adopt to prevent global warming from reaching dangerous levels above 2c. The key objective is to try and reduce the level of greenhouse gases by at least 55% by 2030. Which in reality is not that far away now for companies to aim towards this target. So by these countries signing and agreeing to this commitment they are in effect taking responsibility for what the companies can legally do in their own country. So they should feel some form of commitment to genuinely make a positive difference.
When businesses operate, whether it is by collecting raw materials for the creation of a product, transporting goods, or utilising fossil fuels as a source of energy, they are in some form producing greenhouse gases that are released into the atmosphere. Over time this collection of emissions sits in the atmosphere and begins to alter the overall temperature of the globe, which can create adverse weather conditions and is irreversible to the planet.
The Concept of Carbon Offsets
An idea that has been introduced as a way to tackle this issue is for companies to offset their carbon emissions by investing in green projects that will reduce the level of carbon in the atmosphere. Trees for example are a good source to soak up any excess levels of carbon in the atmosphere, so in theory if a company has emitted a specific amount of carbon into the atmosphere they could plant more trees in another part of the world that would compensate for the level of emissions they have pumped into the atmosphere.
An even better method would be to invest in environmentally friendly processes altogether such as the use of solar panels and wind farms which would prevent having to burn fossil fuels, a significant cause of carbon dioxide entering into the earth's atmosphere. They could seek to adopt other more environmentally friendly practices such as reducing their water usage so that collectively they are aiming to implement practices that will not directly harm the planet. Collectively the international companies around the globe can make important changes for the better.
Why Good Quality Carbon Offsets Are Required
When companies are thinking of purchasing carbon offsets they need to consider the longevity of the project they will invest in, which is also referred to as the permanence factor. An example of this would be ensuring that the land in which they plan to invest in will not change ownership which could affect the validity of the carbon offset, thus rendering it invalid.
Another factor which companies should consider is regarded as the additionality aspect. This is where the project may have been funded by resources that are not in actuality partaking in environmentally friendly practices and exist to make a profit from the carbon offsetting market. Essentially the companies should be looking to invest in genuine projects whose primary goal is to reduce the level of greenhouse gases that are emitted and not to take advantage by solely making a profit.
Who Ensures That Companies Are Purchasing Good Quality Carbon Offsets?
The carbon offset market is monitored by organisations, such as Verra, who are responsible for the Verified Carbon Standard (VCS) programme. Any projects that are then linked to this programme are overseen by the World Wildlife Fund (WWF-US). Their primary goal is to deal with any issues that affect the environment in a negative way and encourage businesses to tackle the issue of global warming by pushing forward more renewable forms of energy.
They are also responsible for setting out a high quality carbon credit to encourage businesses to adopt more environmentally friendly methods in their production and distribution. The idea is that an organisation can obtain a carbon credit if they have invested in an eco-friendly project that will counteract the level of emissions they have initially generated.
Why Carbon Offsets Are Not The Only Solution
In 2021 there have been signs that the voluntary carbon market is growing in popularity amongst companies who are attempting to reach net zero emissions. In reality they need to find alternative, greener methods that are less damaging to the environment as opposed to just relying on purchasing carbon offsets if they truly want to make a positive difference. Companies should also seek to fund projects that are not solely linked to carbon offsets. They need to be aware that they can have a more positive impact by investing in poorer third world countries where communities are affected by the destruction of rainforests, who rely on this as a source of income and food.
Collectively companies across the world need to work a lot harder to significantly reduce their impact on the planet to positively make a difference both environmentally and ethically. It can not just be down to an individual to make these necessary changes in the race to save our planet from irreparable disaster.