Tech giants are joining forces and having a go at the beleaguered voluntary carbon market. In an attempt to offset their greenhouse gas emissions, or at least a part of it, Meta, Microsoft, Google and Salesforce have launched an alliance that aims to invest in nature-based carbon removal projects. The Symbiosis Coalition has committed to purchase credits that are equivalent to 20 million metric tons of carbon dioxide by 2030, which, it acknowledges, is “only a fraction of the world’s total carbon removal goals.” According to a press statement announcing the initiative, the companies said they aim to address the “perceived lack of high-quality restoration projects and uncertainty around willingness to pay” that have kept investors at bay and impacted public trust in the potential of carbon credits. The development comes at a time when the carbon market faces increasing scrutiny and uncertainty. For years, people and companies have invested in forest restoration projects to cancel out, or offset, the emissions they produce as part of their lives and work. Such projects, however, have faced allegations of greenwashing and human rights abuses. Many have also criticized these projects over a lack of transparency and evidence of tangible climate benefits. Despite flaws in the unregulated carbon market, proponents still consider carbon offsetting an important tool in the fight against climate change. In a Mongabay story published earlier this year, experts said that nature-based restoration, with support from the voluntary carbon market, plays a vital role in global climate action. In May,…This article was originally published on Mongabay
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