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The Biden administration is now weighing in on this debate, saying that offsets can sometimes be an important tool to help businesses and others reduce their emissions, as long as guardrails are in place. The new federal guidelines are an attempt to define “high integrity” offsets as those that ensure real, quantifiable reductions in emissions that otherwise would not have occurred.
“Voluntary carbon markets can help unlock the power of private markets to reduce emissions, but that can only happen if we address the significant challenges that exist,” Treasury Secretary Janet L. Yellen said in a statement. She is expected to discuss the guidelines at an event Tuesday in Washington with other administration officials.
“The principles published today represent an important step towards building high-integrity voluntary carbon markets,” he said.
The new federal guidelines also urge companies to first focus on reducing emissions within their supply chains as much as possible before purchasing carbon offsets. Some companies have complained that it is too difficult to control their vast network of external suppliers and that they should be allowed to use carbon offsetting to tackle pollution associated with, for example, concrete or steel that they use.
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