News: Disney, Shell, Gucci allegedly used worthless carbon offsets

David Antonioli, the CEO of Verra, a non-profit organization based in Washington and the largest certifier of carbon credits globally, has announced his resignation following allegations of approving worthless offsets that were utilized by major companies, potentially impacting the climate.

Earlier this year, a joint investigation by The Guardian, German weekly Die Zeit, and investigative group SourceMaterial revealed that the forest carbon offsets endorsed by Verra, which were used by prominent organizations like The Walt Disney Co. and luxury fashion brand Gucci, were largely without value and could potentially contribute to worsening global warming. The investigation discovered that the projects aimed at protecting rainforests were not genuinely under threat. Furthermore, evidence of forced evictions was uncovered in a flagship scheme operated by Conservation International, a partner of Verra, in Peru.

Initially, Antonioli rejected the findings and vigorously defended Verra's role in rainforest conservation. While he did not specify the reason for his resignation, Antonioli expressed appreciation for current and former staff members and highlighted Verra's achievements in establishing environmental standards in a statement on LinkedIn.

The significance of these revelations is evident as Gucci recently removed its "entirely carbon neutral" messaging from its website. Scientists have called for reforms in the unregulated system, emphasizing the importance of integrity in financing climate mitigation and forest conservation.

Diego Saez Gil, the CEO of Pachama, a carbon offsetting firm leveraging AI and remote sensing, advocates for updating Verra's programs with the latest scientific advancements to enhance integrity. He believes that a new generation of innovative players collaborating with standard bodies, academics, corporations, and communities can usher in a new era of carbon markets, offering hope for the future.