CEO of biggest carbon credit certifier to resign after claims offsets worthless
- Media Manager
- May 22, 2023
- 1 min read
The Guardian
Written By: Patrick Greenfield
Published: May 23rd, 2023
David Antonioli to step down from Verra, which was accused of approving millions of worthless offsets used by major companies
The head of the world’s leading carbon credit certifier has announced he will step down as CEO next month.
It comes amid concerns that Verra, a Washington-based nonprofit, approved tens of millions of worthless offsets that are used by major companies for climate and biodiversity commitments, according to a joint Guardian investigation earlier this year.
In a statement on LinkedIn on Monday, Verra’s CEO, David Antonioli, said he would leave his role after 15 years leading the organisation that dominates the $2bn voluntary carbon market, which has certified more than 1bn credits through its verified carbon standard (VCS).
In January, a nine-month investigation by the Guardian, the German weekly Die Zeit and the investigative group SourceMaterial found Verra rainforest credits used by Disney, Shell, Gucci and other big corporations were largely worthless, often based on stopping the destruction of rainforests that were not threatened, according to independent studies. It also found evidence of forced evictions at a flagship scheme co-operated by Conservation International in Peru.
“This is a pivotal moment for carbon markets. In order to scale the critical funding required for carbon sequestration at a planetary scale, we must ensure integrity, transparency, and real benefits for local communities and biodiversity. A new generation of innovative players is collaborating with standard bodies, academics, corporates, and communities, creating a new era of carbon markets that gives me hope,” said Diego Saez Gil, the CEO of Pachama.
