A primary forest in Madre de Dios, Peru where deforestation continued despite REDD+ carbon credits, on July 4, 2023. Angela Ponce for The Washington Post via Getty Images
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Following multiple scientific studies that have revealed that carbon offsets are not as reliable as once thought, the market value of carbon offsets has dropped by around 61% when compared to its near-peak value in 2022, a new report has found.
In early 2023, a major investigative report by The Guardian, Die Zeit and SourceMaterial found that the vast majority of forest carbon offset programs are actually “phantom credits” that don’t help remove any emissions from the atmosphere. A 2022…
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