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Carbon Offset Legitimization Would Undermine Climate Progress, New Report Argues

WASHINGTON -

The Revolving Door Project released a new “Industry Agenda” report today breaking down the systemic flaws and increasing relevance of the carbon offset industry as the favored greenwashing strategy for big industries and high-polluting nations. The report highlights the policies and executive branch agencies of interest to players in both voluntary and compliance carbon markets in the United States. 

The report also highlights some key Biden administration officials who have expressed support for carbon market-friendly policies. These include Secretary of Energy Jennifer Granholm, who has expressed support for carbon capture and offsets as climate solutions; John Morton, Climate Counselor to the Secretary of the Treasury, who previously worked at a climate change investment firm heavily involved in carbon markets; and Secretary of Agriculture Tom Vilsack, who has advocated for creating a carbon bank within the Department of Agriculture.

Report co-author Hannah Story Brown said: “As the calamities of climate change accelerate, high-polluting industries are lining up behind purported market solutions to the climate crisis, disguising business-as-usual behind a rash of ‘net zero’ pledges. The Biden administration must resist the siren call of the carbon market’s false promises, and instead coordinate an executive plan that supports actual economy-wide decarbonization.”

Read the Carbon Offset Industry Agenda report here.

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The Revolving Door Project (RDP), a project of the Center for Economic and Policy Research (CEPR), scrutinizes executive branch appointees to ensure they use their office to serve the broad public interest, rather than to entrench corporate power or seek personal advancement.

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