An interdisciplinary team of researchers at Oxford University has unveiled an updated version of their flagship guidance on credible and net-zero aligned carbon offsetting. This update to the ‘Oxford Offsetting Principles’, first published in 2020 and utilized by numerous organizations, aims to address shortcomings in current offsetting practices and provide clearer guidance for achieving a net zero society.
According to Injy Johnstone, a Research Associate at the Oxford Sustainable Finance Group, many current offsetting approaches are not effectively reducing emissions, leading to a loss of trust in the concept.
The revised principles emphasize the importance of emission reduction as a priority, maintaining the environmental integrity of credits, and transitioning to carbon removal offsetting by the global net zero target date.
Key revisions in the principles include a focus on carbon removal with durable storage, support for innovative approaches to achieving net zero, and the critical role of nature-based solutions. The update also underscores the need for regulation to steer the market away from low-quality credits and offsetting strategies.
Kaya Axelsson, Head of Policy and Partnerships at Oxford Net Zero, highlighted the failure of current carbon markets to effectively remove and store carbon. The majority of carbon credits are for avoided emissions, often lacking evidence of real impact.
Audrey Wagner, a co-author from the Department of Biology, emphasized the importance of considering various credible options for carbon storage, including nature-based solutions. While these may carry a moderate risk of reversal, they offer multiple benefits beyond carbon removal.
The authors stress the urgent need for regulation to ensure the adoption of these principles, urging governments and standard setters to take action. The revised principles provide a framework for offsetting strategies based on the latest science and evidence, aiming to steer the market towards high-integrity offsetting practices.
