Why are we talking about climate credits as if we can buy time?

Carbon credits, also known as carbon offsets, are used to balance out the emissions released by someone. For example, if an organisation can’t avoid the release of 1 tonne of greenhouse gases, they can buy 1 carbon credit (equal to 1 tonne). 

Carbon credits are generated from activities that prevent greenhouse gas emissions from being released into the atmosphere; reduce the amount of greenhouse gas emissions being released into the atmosphere; or remove greenhouse gas emissions that are already in the atmosphere (also known as carbon sequestration). Some examples of offset projects are the installation of renewable energy infrastructure, conversion of waste into energy, reforestation or forest conservation. Many of these projects have additional environmental and social benefits (such as increased biodiversity or creation of local jobs). 

These activities should follow offsets integrity principles and be certified to ensure the activity is genuine. For example, offset projects should be transparent, meaning that information needs to be clear and made available to relevant stakeholders. In addition, it is essential that emissions reductions achieved are additional to reductions that would have happened in the absence of the project, and measurable so they can be quantified and there is support from clear and convincing evidence 

It is important to acknowledge that offsetting should be the last resource, after reducing emissions, when fighting climate change. This means that organisations and governments should not rely only on these projects but work towards achieving real and significant reduction of their own emissions. Nevertheless, offsets are currently an essential part of climate action.