According to a new analysis published by Nikkei, one of the world’s largest financial newspaper, nearly 40% of carbon credits acquired by firms are more than five years old, which might threaten progress on reducing greenhouse gas emissions.
Nikkei analyzed data dating back to 2009 from Verra, one of the world's major carbon offset accreditors, and found that 38% of 99,000 validated credits purchased by firms were over five years old, equating to 73 million tons of carbon dioxide, while more than 4% were at least ten years old, with only 37% were the age of three or less.
Older credits are not necessarily less effective at reducing carbon emissions than newer credits, however, they can stymie efforts to reduce greenhouse gas emissions because, once the credits were issued, it is uncommon for a third-party organization to monitor whether the projects on which the credits were based were properly maintained.
