The Next Frontier in Carbon Credits: Consumers
- Media Manager
- Mar 27, 2023
- 1 min read
Growth Tech Report
By Courtney Dong, Vikas Taneja, Lauren Taylor, Pascal Enohnyaket, Keeton Ross, Jenny Roy, and Brennan Spellacy
Published: March 28th, 2023
It's no secret that climate change is a tremendous threat to the future of the planet. The world needs to reach net-zero emissions by 2050 to meet the global temperature reductions outlined in the Paris Agreement. Happily, some progress is being made toward net zero on the business side, with about 33% of the world’s largest companies (and more than 50% of its countries) pledging to reach net zero between 2030 and 2050, and many more stating a clear desire to decrease their carbon footprint.
Yet, achieving this goal will be no small feat. A critical enabler will be going beyond the reduction of carbon emissions to the removal of existing carbon from the atmosphere. In line with the Science Based Targets initiative (SBTi)’s Net-Zero Corporate Standard created to combat greenwashing, while companies need to take rapid action to achieve long-term deep emissions cuts of 90% to 95%, they also need to neutralize any limited residual emissions that are not possible to cut—the final 5% to 10%—through carbon removal.
