Why are big companies abandoning "cheap" carbon offsets?

Once a credible path to meeting climate goals, carbon offsets are falling out of favor with many top companies. Companies such as Delta Airlines, Google and EasyJet were once the biggest buyers of these credits. However, they have now retreated or completely stopped buying offsets related mainly to renewable energy projects.

Renewable energy compensates for the loss of steam

This shift in thinking reflects that such carbon offsets are not delivering the environmental benefits they promise. Instead of buying offsets, many companies are trying to reduce their emissions directly. This process is more difficult and expensive than buying offsets.

A Bloomberg Green analysis of public offset transaction records shows a significant decline in sales for the second consecutive year. This clearly indicated a trend towards fewer offset purchases. (Saptakee S, more at carboncredits.com)