Our Planet Climate and Geopolitics
Carbon credit projects have been having a rough time. The market for carbon credits, which involves companies and countries paying someone else to offset their emissions, shrank from $1.9 billion in 2022 to $723 million last year due to concerns about efficacy as well as accusations of fraud and manipulation. But with companies under pressure to cut their carbon footprint – and big tech looking for ways to offset increased AI-linked emissions – carbon credits are back in fashion. Microsoft, Meta and Google have all bought offsets in Brazil this year. Yesterday, during New York’s climate week, Amazon and other firms agreed a $180 million deal to buy carbon offset credits in – yes – the Amazon, supporting efforts to reduce deforestation in the Brazilian state of Para until 2026. The state is due to host the UN Cop30 climate summit next year.
