Carbon Offset schemes allow individuals, businesses and orgnizations to invest in environmental projects around the world in order to balance out their own carbon footprint.
A number of market-accepted standards are developed to make sure that the offset projects are functioning as they should, the most popular standards includes Voluntary Carbon Standard (VCS), Gold Standard (GS).
According to Ecosystem Marketplace, the market for voluntary offsets came close to $300 million and traded almost 100 million metric tons of carbon dioxide equivalent in 2018, the latest year for which data is available. Estimates of the size of the global carbon compliance offset market range between $40 billion and $120 billion.
Following a wave of Global Climate Action leading by UNFCCC, more ambitious committments from governments, cities, regions, businesses and investors are urgently required to achieve the goals of the Paris Agreement. Inititiaves are booming out from all kinds of regions and industries, inlcuding Climate Neutral Now, Race To Zero Campaign.
Meeting these ambitious targets will eventually require decarbonizing completely, which is tougher for some countries and companies than others. So they can nonetheless start making progress right away through buying offsets to help provide the "net" in their "net-zero emissions" goals.
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