Evidence of Global warming is quite evident in the changing weather patterns, rising sea level consuming entire islands, the occurrence of killer storms and massive crop failures. One of the most significant contributors to global warming is the burning of fossil fuels that emit lots of greenhouse gases. Carbon offsets are different programs that have been instituted by various governments that are designed to counterbalance the harmful greenhouse gases by buying carbon credits from companies engaging in the trade. Below are the pros and cons of carbon offsetting that you should be aware of:
Pros of Carbon Offsetting
1. Shows intent
When you decide to invest in carbon offsetting, it shows a clear intention of your efforts to minimize the emission of greenhouse gases. It is practical and emphasizes your purpose of helping the environment rather than just giving speeches.
Most individuals, institutes, and businesses are making a bold statement of how concerned they are about the environment by investing in carbon offsetting. If you want to influence environmental policies globally and on a domestic level, you need to consider taking an online political management course offered by institutions such as George Washington University. Taking this particular George Washington University Online course will help you connect with influential professionals that can help you change the world.
2. Puts Old Business Back on The Market
Governments are slowly limiting companies and businesses that have a massive contribution to the emission of greenhouse gases. The best way to save your old business from eventual closure is by carbon offsetting. When you are a business that emits more than the limit of greenhouse gases, carbon offsetting programs fine-tune your efficiency while reducing your carbon emissions.
3. Helps in The Expansion of Renewable Energy Technologies
Individuals can balance out the carbon footprint they leave by funding the projects aimed at reducing the quantity of greenhouse gases emitted. Some of the renewable energy projects include wind turbines, solar panels, and geothermal energy plants. The pace at which carbon offsetting boosts new technologies concerned with renewable energy is pretty high.
4. Quantifies the Damage from Greenhouse Gas Emissions
The amount of carbon offsets that individuals and companies invest in is a clear way to quantify the amount of damage that is inflicted on the environment. Institutions and Government can use these numbers to formulate accurate budgets for dealing with this pandemic.
Cons of Carbon Offsetting
1. It Is Sophisticated
There are so many logistics involved in the whole process, and it can be difficult to understand them fully. You also need to not only get several entities and individuals on board but also to ensure they pledge their commitment to helping reduce carbon emissions. Carbon offsetting involves dealing with invisible commodities and you could easily be conned.
2. Few Beneficiaries
When you are a project developer, you don’t benefit from carbon offsetting although you are the brain behind the entire project. NGOs, lawyers, and traders benefit the most from the carbon credit scheme on a financial level.
Investing in carbon offsetting is one of the best ways to save the environment and promote renewable energy. There are, however, several steps that you need to follow, and you should do in-depth research before investing.