Carbon offsetting
Carbon offsetting is a widespread tool in efforts to achieve net zero emissions. It involves payment to receive credit for a certified unit of emission reduction or removal carried out by another actor. Current approaches to offsetting are unlikely to deliver the types of offsets needed to achieve global climate goals. Net zero pledges from many companies and countries are likely to use offsets, and many industry leaders are working to develop standards such as the Carbon Offsetting and Reduction Scheme for International Aviation, as well as the Taskforce on Scaling Voluntary Carbon Markets.
But what types of offsets are aligned with pathways to net zero and under what conditions should they be used? The Oxford Principles for Net Zero Aligned Carbon Offsetting provide guidelines to help ensure offsetting actually helps to achieve a net zero society. Explore the Principles below.
Net ZERO-AliGNED OFFSETTING PRINCIPLES
1 — Cut emissions, use high quality offsets, and regularly revise offsetting strategy as best practice evolves
A host of carbon offsetting best practices have been developed over the past decades. Adherents to these principles must first observe these best practices, which can be grouped as:
2 — Shift offsetting towards carbon removal
3 — Shift offsetting towards long-lived storage
4 — Support the development of net zero aligned offsetting
The market for the high-quality offsets needed to meet Principles 2 and 3 is immature and in need of early-adopters to support its evolution. Users of these principles can develop the market for net zero aligned offsetting by:
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Research summary
Our research aims to improve the integrity of the ‘net’ in net zero. Part of this is identifying governance and policy solutions to ensure the environmental and social integrity of carbon offsets.
Our work includes the development of The Oxford Principles for Net Zero Aligned Carbon Offsetting, which outline how offsetting needs to be approached to ensure it helps achieve a net zero society.
Our work on carbon offsetting is complemented by research on emissions reduction, Carbon Dioxide Removal and Nature-based Solutions.