An academic report released today outlining the failure of carbon offsets has found Australia's biggest carbon credit method is barely removing any greenhouse gas from the atmosphere.
The report adds to the significant body of independent analysis demonstrating that Australia's carbon credits are not effectively storing or avoiding carbon emissions, and when used as carbon offsets they are increasing emissions.
Key Findings:
- Last month, mining magnate Twiggy Forrest called for a global move away from offsets and net zero, to real zero emissions.
- "Now is the time to walk away from net zero 2050, that hasn't been anything really but a con to maintain fossil fuels," Mr Forrest said.
- Mr Forrest was confident that Fortescue's iron ore business would stop using fossil fuels by the end of this decade while shunning the use of carbon offsets or carbon capture and storage.
- Australia Institute research has previously shown that at least 25% of carbon offsets were "hot air" and that carbon offsets are being used to justify increases emissions in Australia.
"It has been established that carbon offsets are too risky and uncertain to rely on as a climate policy," said Polly Hemming, Director of The Australia Institute's Climate and Energy Program.
"Unlike Australia's carbon offset scheme, climate change is real and we are already living with the chaos.
"We now have a growing chorus of Australians from across the political and ideological spectrum pointing out that offsets just don't work.
"We need to move on from discussing the veracity of carbon offsets and which methods work and which don't, and start to focus on how offsets are being used to justify delayed action or, worse, increased emissions.
"The Government has an opportunity to lead us away from carbon offset schemes and toward real action on climate."
