Amazon Evades Global Carbon Offset Standard Developed By Bezos-Funded Non-Profit

by | Jul 2, 2024 | Daily News, Environmental News

Home » Environmental News » Amazon Evades Global Carbon Offset Standard Developed By Bezos-Funded Non-Profit

Amazon evades global carbon offset standard, setting a precedent that could reshape the voluntary carbon market. The company, a significant player in the push towards sustainability, has opted out of the Integrity Council for the Voluntary Carbon Market’s (ICVCM) standard, which it helped fund, in favour of its own framework.

Amazon evades Global Carbon Offset Standard

Amazon’s initiative centers around Abacus, a novel framework designed to control the integrity and quality of carbon offsets, particularly in reforestation and agroforestry projects. Partnering with carbon registry Verra, Amazon aims to address the critical issue of a limited supply of high-quality labelled offsets, crucial for achieving its ambitious motive of net-zero greenhouse gas emissions by 2040.

The Abacus standard represents a departure from ICVCM’s approach, prompting discussions about market cohesion and the impact on established standards. While Verra welcomed Amazon’s collaboration on Abacus in 2022, critics have raised concerns about potential market fragmentation and the dilution of established benchmarks.

Critics, including Pedro Martins Barata of ICVCM, caution that Amazon’s move could sow confusion and compromise the rigour of carbon offset validation. They advocate for alignment between Abacus and existing standards to ensure clarity and maintain investor confidence in the integrity of carbon offsets. Kelley Kizzier from Bezos Earth Fund and ICVCM’s board emphasizes Abacus’s role as complementary rather than competitive, emphasizing its focus on generating high-integrity offsets.

Market participants, wary of the small but growing $2 billion voluntary carbon offset market, highlight ongoing scepticism regarding the actual environmental impact of offset projects. The debate underscores the need for robust standards that can withstand scrutiny and deliver measurable contributions to global climate goals.

Despite the controversy, Abacus has garnered support from major corporations like Alphabet, Meta, Microsoft, and Salesforce. These industry leaders have committed to purchasing up to 20 million metric tons of Abacus-certified carbon credits, signaling confidence in Amazon’s approach and the potential for scalable, high-impact climate solutions.

Overall, Amazon evades the global carbon offset standard, which is a pivotal moment in the evolution of environmental sustainability practices. While praised for innovation, the move raises important questions about standardization, market coherence, and the ultimate effectiveness of voluntary carbon offset initiatives in combating climate change. As stakeholders navigate these complexities, the future of global carbon markets may hinge on collaborative efforts to reconcile competing standards for the benefit of both the environment and business sustainability goals.

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  • Sarah Tancredi

    Sarah Tancredi is an experienced journalist and news reporter specializing in environmental and climate crisis issues. With a deep passion for the planet and a commitment to raising awareness about pressing environmental challenges, Sarah has dedicated her career to informing the public and promoting sustainable solutions. She strives to inspire individuals, communities, and policymakers to take action to safeguard our planet for future generations.

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