9
The global carbon credit market, once a multi-billion-dollar industry promising to protect forests and offset corporate emissions, has dramatically collapsed. This downturn follows investigations revealing that the vast majority of credits, particularly those certified by leading verifier Verra, failed to represent genuine carbon reductions. The consequences are dire for successful conservation projects that have come to rely on this funding. In Kenya’s Kasigau corridor, for example, a once-lucrative project that preserved crucial elephant habitat and funded local schools and healthcare, now faces a severe financial crisis. This has left communities without income and fearing a return to deforestation. While Verra is implementing significant reforms to improve the system’s credibility, a critical question remains: Will corporations, many of whom are now retreating from climate commitments, ever trust and buy carbon offsets again?
The Guardian