STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Susanna Twidale and Sarah McFarlane
Kenya, for instance, is seeking to become a hub for trading in carbon offsets, which are based on projects such as tree planting to mitigate greenhouse gases a company generates. "Gucci is in the process of reviewing its climate strategy and commitments with a view to achieving the most positive overall impact," a spokesperson for the company said in an emailed statement.
"There is no other way to do deforestation projects. You cannot know ten years in advance what the deforestation rates will be," he said."A number of negative studies on carbon credits caused enough concern for some companies to pause purchasing and wait for more guidance on what sort of credits they should buy," Stephen Donofrio, managing director of Ecosystem Marketplace said.
The market was worth around $2 billion in 2021 and Shell and Boston Consulting Group jointly forecast in January that it could reach between $10 billion and $40 billion by 2030. But measuring carbon savings is difficult. Analysts say most projects overestimate benefits that may be short-lived given trees for instance are easily destroyed.
Wentzel said that the project was financed for a couple of years but after that, the outlook was uncertain.For the carbon markets, another issue is that regulators and carbon market advisory bodies are limiting the scope of their use by companies. The United Nations, and the Voluntary Carbon Markets Integrity Initiative say companies should not be over-reliant on them.
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