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Guide to Carbon Offsetting

Introduction

It seems that we are constantly bombarded with advice on how to reduce our carbon footprints and make ourselves ‘greener’. While some people see this as just another way for the environmental lobby to load guilt onto the middle classes, the other side of the argument is that it just goes to show how much of a difference small changes can make.

Most people are now ready to make some form of change in their lifestyle in order to save energy and recycle. The majority of the population recycles various materials, and local councils are making efforts to help individuals through collections and recycling centres. Most people are also making an effort to replace traditional light bulbs with the energy-saving kind as and when they run out. Some go further, with hybrid cars, wind power and even whole towns have banned the use of plastic carrier bags.

Against this background, how can you buy a property overseas and make sure that you are still being environmentally-responsible? The growth of personal air travel and the rise of the low-cost airlines are seen as some of the biggest threats to the future of the planet, and while debate still continues over how much of a relative contribution air travel is making to the proliferation of greenhouse gases in the grand scheme of things, there is no doubt that it will be a major concern for years and generations to come.

One way to make an effort to compensate for any increase in your personal air travel as a result of buying a property overseas is to get involved in a carbon offsetting scheme.

What is it?

The concept of carbon offsetting is to balance the amount of carbon dioxide that an individual’s personal actions release into the atmosphere by making contributions to schemes across the world that either produce renewable energy, or that actively prevent further carbon dioxide pollution in the developing world. It is possible to offset all of the greenhouse gases that your lifestyle produces if you choose to, but most often people will decide to compensate for their air travel, car journeys, or other, specific, actions.

The initial driver behind the offsetting schemes was for trees to be planted to use up the greenhouse gases produced, therefore striking a balance. In recent years however, other projects like renewable energy, energy conservation and methane capture have become more popular as beneficiaries of the schemes.

The carbon offsetting world was spurred on by the famous Kyoto Protocol which allowed for carbon offsetting as a way for governments to earn carbon credits which can then be traded on an open marketplace.

Who organises and polices it?

One of the biggest initial problems with carbon offsetting companies was that the whole process appeared to be a little ethereal, and the public were asked to take a huge amount of information on trust. As the practice has developed and adapted, controls are beginning to emerge to make sure that offsets are accountable, and that money is only given to genuine schemes that are certified to help environmental energy production or conservation.

Another issue was that some of the companies set up to offer carbon trading were commercial entities, and took a cut of the charges as a fee. Opposition to this has meant that voluntary carbon offsetting schemes have gained both credibility and popularity. These voluntary schemes have now begun to benefit from formal standards and certifications that are emerging.

As the majority of offsets are indirect, their effectiveness and veracity are difficult to measure. Some companies are prompted to obtain independent verification of their schemes in order to distance themselves from potentially-fraudulent and overtly commercial companies. As a result, some standards are starting to emerge from dialogue between the carbon offsetting and trading companies, emitters, regulators and environmentalists. These include the Voluntary Carbon Standard, set up by The Climate Group, the International Emissions Trading Association and the World Economic Forum, and the CDM Gold standard, and extension of the Clean Development Mechanism of the Kyoto Protocol.

Problems

Carbon offsetting has its detractors, both in terms of the theoretical process of paying for carbon emissions, and in the practical handling of the funds and projects involved. Some schemes have been criticized by the press for not following through with projects that have been financed by the public and by businesses. The Financial Times recently published an investigation into voluntary schemes, which uncovered a number of instances of people buying into schemes which do not yield any reduction in emissions; brokers providing services of little or no value, and industrial companies being paid for efficiency gains from which they have already benefited greatly; and overcharging of carbon credits on the open market.

Other commentators have pointed to the concept of carbon offsetting itself being flawed. Environmentalist George Monbiot has liken carbon offsetting to the Medieval practice of ‘indulgences’, whereby people believed they could purchase forgiveness for their sins, rather than making the effort to sin less from the outset. Trading one emission of greenhouses gases for something that doesn’t produce any does little to lessen the impact of the increase in air travel, or the continuing development of new industrial economies. Carbon trading is also sometimes seen as encouraging the growth in power consumption, as it facilitates more energy production and an increase in the overall energy market.

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Page 1: Introduction
Page 2: How much does it cost?

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