The Crisis of Confidence in Voluntary Carbon Offsets

Kleinman Center senior fellow Danny Cullenward examines the integrity, effectiveness, and climate impact of voluntary carbon markets.
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Last year, an investigation by the Guardian and Corporate Accountability found that most of the world’s largest carbon dioxide offset projects failed to deliver promised climate benefits. The report is among several questioning the integrity and effectiveness of voluntary carbon offset programs in achieving net-zero emissions and stabilizing global temperatures.

In 2023, voluntary offset programs attracted nearly $2 billion from companies aiming to offset emissions from factory operations to air travel. However, the outcome has been a crisis of confidence in these programs.

On this podcast, Danny Cullenward, a senior fellow with the Kleinman Center for Energy Policy, explores the integrity challenges facing voluntary offset markets and their true climate impact. He also examines why governments hesitate to regulate these markets and discusses the role voluntary offsets can and should play in global climate efforts.

Danny Cullenward is a climate economist and lawyer, and a senior fellow at the Kleinman Center for Energy Policy. He also serves as Vice Chair of California’s Independent Emissions Market Advisory Committee.

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Advancing the Social License for Carbon Management in Achieving Net-Zero GHG Emissions https://kleinmanenergy.upenn.edu/research/publications/advancing-the-social-license-for-carbon-management-in-achieving-net-zero-ghg-emissions/

Will Hydrogen Energy Be Clean Energy? https://kleinmanenergy.upenn.edu/podcast/will-hydrogen-energy-be-clean-energy/

Energy Policy Now is produced by The Kleinman Center for Energy Policy at the University of Pennsylvania. For all things energy policy, visit kleinmanenergy.upenn.edu

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