By Emanuel Martinez By Nicholas Kusnetz for Inside Climate News – As nations grapple with how they can slash their emissions as part of the Paris climate agreement, some may use international credit schemes that were approved in the treaty process. A new report from the European Commission casts serious doubts about such credits, however, concluding that the vast majority of them likely fail to actually reduce emissions. The report, which was written last year but not published until this April, concludes that buying and selling emissions credits for overseas projects should be limited to a select list that meet rigorous standards, and used only as part of a transition to more effective policies for mitigating greenhouse gas emissions. “Given the inherent shortcomings of crediting mechanisms, we recommend focusing climate mitigation efforts on forms of carbon pricing that do not rely extensively on credits,” the report said, adding that credits should play only a limited role after 2020. “It’s a confirmation that offsetting is fundamentally problematic,” said Aki Kachi, international policy director for Carbon Market Watch, an advocacy group in Brussels.
22 April 2017