Carbon offsetting is essential to tackling climate change

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Carbon offsetting is essential to tackling climate change
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To achieve net-zero emissions, the only permissible offsets will need to suck carbon out of the air

that depend on emissions, such as easyJet, an airline, use offsets sold on private “over the counter” markets to claim carbon neutrality it is hard not to be reminded of the indulgences sold by the medieval Catholic church that helped sinners to go on sinning guilt-free. But the recent emphasis on “net zero” economies has made offsets central to climate-change plans.

But it is likely to become easier. Ben Caldecott of Oxford University points out that technology used to monitor offsets has improved. The use of high-resolution satellite imagery means that it is possible to know exactly when a tree is cut down. In theory offset contracts could also be auctioned on mobile phones with payments sent via mobile banking. “We can create smart contracts between a smallholder farmer and a funder where the payment is unlocked if the tree is still there,” he says.

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