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Scoop Market Mysteries 10-24
🔎 Market Mysteries: How are corporations addressing their carbon footprint?
Market Mysteries of the week
How are corporations addressing their carbon footprint?
Answer:
Corporations can either
change how they operate
to directly reduce their emissions
or invest in carbon offsets
to counteract their carbon footprint.
What is a carbon footprint?
A
is
the amount of carbon dioxide a company, organization, or individual releases into the atmosphere
due to its activities. Carbon dioxide makes up 80% of all greenhouse gases emitted in the US, making it the single
most significant driver of global warming.
We’re running out of time to slow or reverse global warming. Climate scientists warn that
of global temperatures above pre-industrial levels will put us at a much higher risk of
and severe damage to natural ecosystems.
Do corporations care about their carbon footprint?
They need to.
Climate change threatens to disrupt supply chains
, and policymakers have
increased pressure on corporate leaders to take responsibility
for reducing their greenhouse gas emissions.
As we mentioned in our recent
Mysteries Explained
on
, the first step for businesses is calculating and analyzing their carbon emissions. Then, it’s all about finding ways to
, minimizing direct operational emissions by switching to things like electric-powered transport, renewable energy sources, or recycled packaging.
It’s difficult for companies to eliminate their emissions
, so the next step is counteracting the rest of their carbon footprint by
investing in carbon offsets
.
What are carbon offsets?
A carbon offset is a reduction, avoidance, or removal of carbon emissions
that already exist in the atmosphere. Carbon offset projects can be anything from planting trees to investing in renewable energy. These projects are a popular option for companies that can’t or won’t reduce their emissions upfront and offer a means to take a positive climate protection step.
Carbon offsets are growing in popularity as companies pledge to reach
. Since 2017, offset CO2 has more than doubled, reaching
. That’s still only a fraction of the total
emitted that year, though.
There are four main types of carbon offset projects:
Reforestation and forest conservation are the most popular. Trees take carbon dioxide out of the air and convert it to oxygen. These projects either plant new trees or protect existing ones from being cut down.
Renewable energy offsets help fund wind, solar or hydroelectric projects around the world. Investing in these projects increases the proportion of renewable energy on the grid, reducing broader dependence on high-emission fossil fuels.
Community project offsets focus on building energy efficiency infrastructure across communities and nations.
Waste to energy projects capture methane gas from landfills, human waste, or agricultural waste and convert it to electricity.
Will carbon offsets save our planet?
No, but they should help.
Carbon offsets alone are not going to stop global warming.
The ease of counteracting emissions by buying offsets may actually
from taking steps to reduce their direct emissions.
Carbon offsets should be used in conjunction with other sustainability measures.
There is a lot of
on the effectiveness of carbon offsets. Not every project can be certified, so their quality and impact remain unverified. Companies might say they are offsetting 10 tons of carbon by planting 60 trees without actually proving that those 10 tons of carbon are permanently taken out of the atmosphere. Even certified projects have
in the long term.
We can all do our part by
speaking up at our companies and taking steps to reduce our own carbon footprint.
.
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