Kana Earth CEO: ‘companies concerned about lack of transparency in carbon offsetting market’
Kana Earth CEO: 'UK companies are concerned about lack of transparency in carbon offsetting market'
FTSE350 companies are increasingly concerned about a lack of transparency in Britain's carbon offsetting market.
That is the alarming message from Andy Creak, CEO and co-founder, Kana Earth, speaking to Net Zero Investor this morning.
Creak said research by his firm found that two thirds of all board directors of FTSE 350 listed companies are ‘very concerned’.
Moreover, 35 per cent are ‘quite concerned’ about the level of transparency offered by some carbon offsetting schemes.
This is primarily in relation to how they operate, their goals and objectives, and what they actually deliver, Creak explained.
Carbon offsetting strategy effective?
Moreover, just over half of respondents think their company’s carbon offsetting strategy is ‘very effective’ while just over two-fifths say it is quite effective, Creak's team found. Six percent rate their offsetting strategy as average.
There are also considerable levels of concern among the UK’s largest listed companies that efforts to offset their Co2 emissions would be counterproductive.
Nearly three-quarters (72%) of respondents say they are ‘very concerned’ and 28% say they are ‘quite concerned’ about the true credentials and achievements of some carbon offsetting schemes.
“If the UK is to meet its net zero emissions targets companies need to be able to rely on a robust carbon offsetting market based on authentic impactful projects," Creak warned.
Independent research company PureProfile interviewed 100 FTSE 350 board directors in the UK in June 2022 using an online methodology.