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In a video released today, the companies explain why offset strategies are good business sense, the challenges and opportunities their approach has created, and why they believe it has made a difference. Companies throughout the world, including Microsoft, Jaguar Land Rover and Marks and Spencer have adopted carbon-offset approaches to enable them to go beyond the reduction targets they could achieve through internal change.
“We believe that now, more than ever, offsetting has a crucial role to play both for business success and for global greenhouse gas reduction targets,” explains Sophy Greenhalgh, Programme Director of the International Carbon Reduction Offset Alliance (ICROA) which produced the video. “We hope that by hearing about the business benefits of offsetting, others will be inspired to follow their leadership.”
This year’s global climate change negotiations in Paris have been unusual in recognising the role that business must play in meeting greenhouse gas reduction targets. Businesses are making a range of pledges and using carbon finance to offset emissions delivers an immediate response and can bridge the gap between internal reductions and meeting meaningful commitments.
Christiana Figueres, Executive Secretary of the United Nations Framework Convention on Climate Change calls for action now to ensure a secure, stable climate for the future. She also identifies offsetting as a vital part of the solution set to meet global emission reduction goals in the video.
“Offsetting is a valid way to reduce global carbon emissions quickly and cost effectively,” says Figueres.
Recent research from Carbon Disclosure Project Data shows that business who offset also take the lead in reducing their carbon emissions with the typical offset buyer cutting almost 17% of their scope 1 direct emissions compared to non offset buyers who reduced emissions by less than 5% in the same year.
By supporting carbon-offset projects, businesses are investing in the local environment and communities, delivering positive impacts beyond the carbon reduction. While these ‘co-benefits’ vary by project, a market representative average was recently calculated by Imperial College London University at $664 for every tonne of carbon offset.
Watch the video and in depth interviews with each company at www.icroa.org/offsetting and join the conversation at #offset.
ICROA is an international best practice programme for carbon management and offsetting. ICROA is managed by IETA a non for profit business association housing over 140 global businesses and a leading voice on climate policy.
Sophy Greenhalgh, Greenhalgh@ieta.org or tel: +44796742824