Britain’s watchdog overseeing corporate marketing claims says it’s aware of a number of companies making false green statements after purchasing carbon offsets that aren’t fit for purpose.
“Some organizations are making carbon neutral and net zero claims that are entirely unqualified,” said Matt Wilson, media and public affairs manager at the Advertising Standards Authority. Such claims “are likely to breach existing rules” and the ASA is “taking proactive action immediately to crack down on such claims,” he said in statement to Bloomberg.
“There has been a suspicion that these carbon credits lead to greenwashing,” Andreas Kontoleon, the study’s senior author and a professor of environmental economics and public policy at the University of Cambridge, said in an interview. “We now have robust and credible evidence that offset programs have deficiencies.”
British Airways said it’s working on a range of climate initiatives and prioritizing reducing its emissions to net zero by 2050, including by investing in sustainable aviation fuel. Nestle Nespresso said it’s moved away from investing in carbon offsets and intends to reach net zero by reducing its greenhouse gas emissions, as well as through carbon removals within its value chain. TotalEnergies didn’t respond to a request for comment.
Other regulators also are voicing concerns. In the US, the Commodity Futures Trading Commission said in June that a new environmental fraud taskforce will examine green claims based on carbon credits in both derivatives and spot markets. The CFTC’s Whistleblower Office is already looking into a number of tips and complaints in this area, said Steve Adamske, director of the Office of Public Affairs at the CFTC.
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