LONDON - The use of cheap carbon offsets by companies to meet net-zero targets could curb their efforts to cut emissions and slow the delivery of climate goals, Britain's climate change advisers said on Thursday.saying they would need to buy or generate carbon credits to offset residual greenhouse gases.
The current low price of many offsets, which can be purchased from exchanges for less than US$4 a tonne of carbon dioxide, are providing a cheap way for companies to meet net-zero goals which could reduce the incentive for them to directly cut emissions, a report by Britain's Committee on Climate Change said.
The government should require businesses to reveal how much their targets rely on offsets as well as the type and quantity of credits they are using, the CCC said.