OFFSETTING STANDARDS NECESSARY

NewEnergyNews has frequently argued that voluntary offsetting schemes are ripe pickings for abusers. A British House of Commons committee is the latest to call for standards and regulations.

Report says carbon offset market needs code
Gerard Wynn, July 23, 2007 (Reuters via Yahoo News)

WHO
House of Commons Environment Audit Committee

WHAT
The British legislative committee studied voluntary carbon offsetting and reported the market requires regulation and standards to grow.
Not only are these cowgirls offsetting, but they're driving a European car! (click to enlarge)

WHEN
Committee report July 23.

WHERE
- Report made to House of Commons in London.
- The committee specifically cited investments in reforestation and renewable energy developments in Africa, not presently being developed by mandatory schemes, as opportunities in voluntary markets to affect greenhouse gas consumption if the worthwhile investments are identified.

WHY
- Without regulation and standards, offsets are of variable value. Sellers and investors would become jaded and cynical and otherwise valuable opportunities in Verified Emissions Reductions would be lost.
- The report said Kyoto Protocol Clean Development Mechanism standards would be too “restrictive, bureaucratic and costly…” for voluntary projects.
- Failed programs cited included public relations schemes and planting programs not tended. Offsetting projects or plans from rock band Coldplay, British bank HSBC and British Airways came in for criticism. Other businesses currently in voluntary offsets: Google, Yahoo, Marks and Spencer, News Corp.
click to enlarge

QUOTES
Report: "Without transparency consumers will have little confidence in purchasing or otherwise dealing in offsets, confidence that the market needs in order to grow…The Government must act quickly…This unnecessary restriction could seriously affect the growth of the Verified Emissions Reduction market…Since its offsetting scheme with Climate Care was launched in 2005, British Airways has encouraged the purchase of only 1,600 tonnes of offsets on average each year, approximately the emissions from four return flights to New York…”