If you want to decarbonize the economy, carbon offsets don't work. Here's why.
Despite doubling in price the last 18 months, carbon offset prices are cheap (relative to the cost of reducing emissions). Carbon offsets should and will be much more expensive. For now, because they're so cheap, carbon credits act more like a marketing tool than a social good.
The little secret?
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Cannabis farms around the US use carbon offsets to lower their environmental impact and claim sustainable certifications. Many criticize carbon offset programs as a band-aid solution to climate issues, as they allow broken operations and supply chains to persist through the purchase of carbon credits.
Farmer’s potential to reverse climate change
Farmers play a crucial role in reversing climate change as agriculture produces 9% of U.S. emissions, yet forests sequester 11-15% of annual emissions. Regenerative agriculture practices and environmentally friendly staple crops have the potential to sequester all excess carbon produced by humans by restoring the soil through proper land management.
President Joe Biden recently proposed a carbon market to pay farmers for ‘carbon farming’ as part of the Climate 21 Project.
The U.S. Department of Agriculture (USDA) has suggested a carbon bank that would finance the carbon credits by guaranteeing farmers a set amount of money – about $10-$30 per ton of CO2 stored in the earth.… Read the rest