Why investing in planetary based solutions is critical in our fight against climate change 

Here’s the thing, ‘offsets’ have gotten a bad rap in recent times for two main reasons:

1. Some companies have abused the voluntary carbon market by using offsets as the sole means of compensating for their carbon footprint without any meaningful effort to reduce their own emissions at the same time. In some cases, this has been called out as ‘greenwashing’ where companies are actively promoting their positive climate action, when in reality they are investing in offsets to deflect from their own polluting behaviours.
2. Some offsetting projects have not been regulated by the official standards bodies for the voluntary carbon market and as such the quality of these projects is not guaranteed and investors have been burnt by the lack of rigor applied to the promised outcomes.

Media coverage of these issues has instilled a widespread fear in many businesses about using offsets as part of their climate strategy. Hearing a podcast, chat show or news report lambast companies using offsets as a way to claim their ‘green credentials’ without getting their own house in order first has – understandably – put people off.

In many cases, this fear has led to companies pulling their investment out of voluntary carbon markets with the  knock-on effect for high quality planetary and nature based projects i.e. the good guys, solving immediate problems around the world – being incredibly damaging.  

Supporting high quality planetary projects can direct vital investment into many different types of work, investing in the climate does not necessarily = offsetting. Many people and companies now want to invest in the planet for altruistic reasons and because they know that climate change is a growing widespread concern. Offsetting only happens when someone supports a project to compensate for a proportion of their own carbon footprint, whilst they are on a journey to decarbonise. This practice, when coupled with a robust decarbonisation strategy, should be applauded and is recognised as necessary to support us on our road to net zero.

Planetary projects can include solutions working towards systemic change in our deep set polluting habits; projects building essential new sources of renewable energy; projects capturing greenhouse gases, with all of this work happening right now…today. Nature based offsets can fund projects which are rebuilding our forests and protecting our vital peatlands and mangroves - the essential carbon sinks absorbing multiple times more carbon than forests. Projects without which we will spiral even faster into an unrecognisable future.

Ecological projects often incorporate vital social interventions too which improve education, health and employment prospects. These social benefits are often felt most within developing countries – those communities who have contributed far less to the advancement of global warming but are affected significantly more by its consequences.

In short, positive planetary projects are making a difference today and without them we will be in a far, far worse situation. If we withdraw our support for high quality planetary projects, in favour of a single lens on decarbonisation, we are missing a trick which could have drastic consequences for our people and our planet.

Very few would dispute the vital importance of reducing the emissions we create as individuals, industries, communities and nations…this is beyond urgent.

However, it is also critically important to understand that decarbonisation is a short, medium and long term goal. It will take time, effort and investment. Lots of companies start with the easy stuff, the low hanging fruit, and many will be enjoying the benefits of having done this already, but the game changing reductions will likely gain pace in the medium to long term. These may require the redesigning of products, innovative new technology, rethinking of business models and processes across a whole value chain – these are more sizable endeavours which will inevitably take more time.

The point is, whilst we get on with the various elements of decarbonisation, we can also invest in projects which are making positive planetary impact today. We have to embrace both reduction and removal as vital players in our collective journey towards global net zero.

We need to see planetary projects, whether used as offsetting or not, as complementing, not compensating, and embrace the opportunity to make a difference whilst we simultaneously develop and deliver the grand plan. If we don’t, we are placing far more pressure on the world to hit net zero through individual efforts. To us, it makes more sense to use the boots on the ground all around the world who are already making inroads to assist us on our way.