Aviation already accounts for some 2% of global greenhouse gas emissions and green groups have accused the sector of using offsets to try to buy out of the problem cheaply. Here is a look at what offsetting is and how long it has been going on sustastic
LONDON - Carbon offsetting, already a multi-billion dollar industry, will get a major boost from the launch of an international scheme to offset aviation emissions, called CORSIA, in 2021.
The global market for offsets of economy flights alone is set to reach $3.8 billion a year by 2025, analysts at Citi say. Aviation already accounts for some 2% of global greenhouse gas emissions and green groups have accused the sector of using offsets to try to buy out of the problem cheaply.Carbon offset schemes involve compensating for emissions of the gases which cause global warming by paying for emissions cuts elsewhere.
Projects registered under the scheme range from capturing and using methane gasses in pig manure to create electricity to replacing traditional wood and coal burning cookstoves with cleaner alternatives such as ethanol.Reducing emissions from deforestation and degradation, or REDD, allows developing nations to earn carbon offsets which they can then sell, for projects that preserve or rehabilitate forests.
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