The journey to carbon neutrality
If you are in the climate space or if you deeply care about the environment, you might have once been called a “tree hugger”. That’s not too bad actually, considering that being in the presence of trees can be good for your physical and mental health!
2020 was a complicated year for everyone, including the planet. The year started with uncontrollable fires across Australia. The bushfires led to the tragic displacement or death of nearly three billion animals. From an environmental perspective, 12.6 million hectares of land were scorched. That’s more land than South Korea’s entire surface.
Trees and forests are a great way to store carbon. However, the carbon is also released back into the atmosphere following extreme weather events such as wildfires. It is estimated that Australia’s fires led to the release of 830 million tonnes of carbon dioxide into the atmosphere, more than twice the country’s annual emissions!
Wildfires significantly contribute to the climate crisis, considering that every year nearly 5% of the planet’s surface is burnt. They are part of the wider deforestation issue, which is itself responsible for 2.2% of the world’s annual CO2 emissions. They are also a great example of climate feedback loops, as unfortunately, global warming will lead to the increasing likelihood of wildfires, which themselves will fuel climate change.
We often speak of climate change as something that needs to be addressed now to prevent catastrophes from happening in the future. However, it’s also important to highlight that the effects of climate change are already being felt today, as the bushfires themselves were made 30% more likely to occur due to climate change. Therefore, what can we do today?
The following statistic could help you understand one cause of climate change: 100 companies are responsible for 71% of greenhouse gas emissions. Of course, they are mostly from the fossil fuel industry, but we need more companies to measure, report and reduce their carbon emissions.
Naturally, achieving emissions reductions takes time. That why companies are purchasing carbon offsets to achieve carbon neutrality. The concept of carbon neutrality refers to balancing the emissions you emit by ensuring they are absorbed by carbon sinks such as forests. The offsets these companies purchase help finance carbon sequestration initiatives such as reforestation projects.
However, not all carbon offsets are created equal. Bloomberg News recently uncovered that Blackrock, Disney and J.P Morgan were potentially purchasing “fake carbon offsets”. They are referred to as fake as some of the trees were already planted and landowners had no intention of cutting them.
That’s why when purchasing carbon offsets, you want to make sure that you’re buying them from a reliable provider such as Pachama.
Founded by Diego Saez Gil and Tomas Aftalion, the company is named after Pachamama, the Mother Earth goddess. Their platform helps customers such as Microsoft and Shopify purchase carbon credits supporting quality reforestation or forest conversation projects.
The company uses satellite data to identify forest features, helping them estimate how much carbon is actually being sequestered. This data helps ensure that the projects their customers choose are verifiable, have lasting effects, and actually contribute to the absorption of CO2.
Pachama also uses technologies such as Artificial Intelligence and Machine Learning models to measure the impact of the projects, compared to if they did not exist. These processes also help them streamline the carbon saving calculation process for their customers.
All in all, carbon offsets are a great solution for companies or individuals wishing to counterbalance their emissions in the short term. However, you have to be cautious when considering offsetting your carbon emissions to avoid the purchase of fraudulent offsets. This is where organisations such as Pachama can help you and your organisation identify projects which are actually positively contributing to the fight against climate change.
More importantly, it’s important to recognise that offsets are only one part of the environmental sustainability journey of a company, and definitely not the final step. As individuals or companies, it’s instrumental to work towards driving the reduction of your carbon emissions.
