Carbon credits are supposed to funnel money to poor countries. Do they?
Proponents of the voluntary carbon market say it’s a mechanism not only to advance sustainability goals, but also to funnel much-needed cash to some of the world’s poorest countries.
The idea is that companies seeking to “offset” their climate footprint will help pay for the development of projects that sequester or prevent greenhouse gas emissions — endeavors like planting trees to suck carbon out of the atmosphere, or protecting forests that were ostensibly in danger of being chopped down. These projects, which generate exchangeable “credits” representing 1 metric ton of greenhouse gas emissions each, come with the promise of jobs for local residents, and project developers often pledge to devote part of their revenue to public infrastructure like schools.
In Africa, the voluntary carbon market is “a powerful means to address climate change and uplift communities,” according to one …