{"id":15554,"date":"2021-10-01T11:42:28","date_gmt":"2021-10-01T09:42:28","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=15554"},"modified":"2023-03-29T14:13:34","modified_gmt":"2023-03-29T12:13:34","slug":"the-not-zero-asset-owners-alliance-pushing-offsetting-only-undermines-climate-action","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/10\/01\/the-not-zero-asset-owners-alliance-pushing-offsetting-only-undermines-climate-action\/","title":{"rendered":"The not-zero asset owner alliance? Pushing offsetting only undermines climate action"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p align=\"justify\"><b style=\"color: #8ac56b;\"><span class=\"TextRun SCXW233050383 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW233050383 BCX0\" data-ccp-parastyle=\"No Spacing\">In late September, the \u201cUN-Convened Net-Zero Asset Owner Alliance\u201d (AOA) released one of its main contributions in the run-up to the \u201cfinance COP\u201d in Glasgow. Disappointingly, rather than discussing long-overdue steps to restricting investments in the supply and use of fossil fuels, <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2 SCXW233050383 BCX0\" data-ccp-parastyle=\"No Spacing\">the \u201c<\/span><\/span><a class=\"Hyperlink SCXW233050383 BCX0\" href=\"https:\/\/www.unepfi.org\/news\/industries\/investment\/net-zero-asset-owner-alliance-backs-call-to-scale-up-carbon-removal-from-atmosphere\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW233050383 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW233050383 BCX0\" data-ccp-charstyle=\"Hyperlink\"><u><span style=\"color: #8ac56b;\">The Net in Net Zero<\/span><\/u><\/span><\/span><\/a><span class=\"TextRun SCXW233050383 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW233050383 BCX0\" data-ccp-parastyle=\"No Spacing\">\u201d <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2 SCXW233050383 BCX0\" data-ccp-parastyle=\"No Spacing\">paper<\/span><span class=\"NormalTextRun SCXW233050383 BCX0\" data-ccp-parastyle=\"No Spacing\"> calls on asset owners to \u201cimmediately scale investment\u201d into offsets and \u201cnegative emissions technologies\u201d \u2013 music to the ears of the fossil fuel industry.<\/span><\/span> <\/b><\/p>\n<p>While the IPCC\u2019s most recent assessment report shows that in the long term the world will need to go carbon negative to avoid the most disastrous climate impacts, the IPCC and others also show that staying under 1.5\u00b0 requires deep and rapid cuts in emissions starting immediately, with global emissions being cut in half by 2030 \u2013 essentially in eight years\u2019 time.<\/p>\n<p>\u201cThe Net in Net Zero\u201d rightly states that \u201cthe primary focus\u201d of actions to align with 1.5\u00b0C \u201cmust remain on deep decarbonization in energy, urban, infrastructure and industrial systems, as well as reversing emissions growth from land use systems.\u201d<\/p>\n<p>This paper underlines a general trend in the world of the net-zero alliances where too much attention is paid to the \u201cnet\u201d and not enough to the zero. By adding to this imbalance, the AOA is undermining its own message of the primacy of deep emission reductions and instead encourages its members and the companies they own to continue avoiding meaningful action on their pollution.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-bottom:0px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#ffffff;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-2\"><p align=\"justify\"><b><u><span class=\"TextRun SCXW194905675 BCX2\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW194905675 BCX2\"><span class=\"TextRun SCXW22608797 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CommentStart SCXW22608797 BCX0\" data-ccp-parastyle=\"No Spacing\">What is the Net-Zero Asset Owner\u2019s Alliance?<\/span><\/span><span class=\"EOP SCXW22608797 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/span><\/span><br \/>\n<\/u><\/b><\/p>\n<ul>\n<li data-leveltext=\"\u2022\" data-font=\"Arial\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><i><span data-contrast=\"auto\">The AOA was launched in September 2019 by group of mostly European insurers and pension funds and has grown to 48 members &#8211; amongst them Axa, Aviva and CalPERS &#8211; with assets totaling over $7 trillion. <\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u2022\" data-font=\"Arial\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><i><span data-contrast=\"auto\">Its secretariat is provided by the UN Environment Programme\u2019s Financial Initiative.\u00a0<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u2022\" data-font=\"Arial\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><i><span data-contrast=\"auto\">The members of the AOA are supposed to \u201ccommit to transitioning [their] investment portfolios to\u202fnet-zero GHG emissions by 2050\u202fconsistent with a maximum temperature rise of 1.5\u00b0C above pre-industrial levels, taking into account the best available scientific knowledge including the findings of the IPCC, and\u202fregularly reporting on progress, including establishing\u202fintermediate targets every five years.\u201d<\/span><\/i><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-3\"><\/div><div class=\"fusion-title title fusion-title-1 fusion-title-text fusion-title-size-two\" style=\"--awb-text-color:#59bc6d;--awb-margin-top:10px;--awb-margin-bottom:15px;--awb-font-size:16px;\"><div class=\"title-sep-container title-sep-container-left fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><span class=\"awb-title-spacer fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><\/span><h2 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;font-size:1em;--fontSize:16;--minFontSize:16;line-height:1.5;\"><p><b><span class=\"TextRun SCXW117115825 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW117115825 BCX0\" data-ccp-parastyle=\"No Spacing\">Telling oil and gas companies what they want to hear<\/span><\/span><span class=\"EOP SCXW117115825 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><br \/>\n<\/b><\/p><\/h2><span class=\"awb-title-spacer\"><\/span><div class=\"title-sep-container title-sep-container-right\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><\/div><div class=\"fusion-text fusion-text-4\"><p><span data-contrast=\"auto\">Of course, the oil and gas sector needs little encouragement to focus on \u201creducing\u201d its emissions through offsets of dubious integrity rather than actually cutting down on the volume of the highly polluting products it sells. Shell, for example, already plans to offset 120 million tons of CO<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\"> from its activities by planting forests equivalent to three times the size of the Netherlands (1).<\/span><\/p>\n<p><span data-contrast=\"auto\">But Shell has released no information on where these forests will be planted, who is currently using this land, what will happen if the trees die or grow more slowly than predicted because of drought, or are cut down by local people who previously had access to the land for grazing or other uses, or go up in flames as has happened repeatedly to \u201coffset forests\u201d across the US West in recent years (including one in Washington state that supplies offsets to BP) (2).<\/span><\/p>\n<p><span data-contrast=\"auto\">Offset projects that aim to protect existing forests are also plagued with problems. A <\/span><b><span data-contrast=\"auto\">recent study of California\u2019s forest offsets program found that around a third of the 100 million credits they assessed were likely fake<\/span><\/b><span data-contrast=\"auto\"> \u2013 a result of systematic underestimates of the quantity of carbon already contained in the forests that were supposed to receive new protections (3).<\/span><\/p>\n<p><span data-contrast=\"auto\">It is worth noting that the <\/span><a href=\"https:\/\/www.unepfi.org\/news\/industries\/investment\/net-zero-asset-owner-alliance-backs-call-to-scale-up-carbon-removal-from-atmosphere\/\"><span data-contrast=\"none\">press release<\/span><\/a><span data-contrast=\"auto\"> accompanying \u201cThe Net in Net Zero\u201d is headlined \u201cNZAOA backs call to scale-up carbon removal from the atmosphere\u201d and begins by calling for asset owners to go big on investments in offsets and negative emissions. Not surprisingly this is the message that the media focused on in their coverage of the report \u2013 and not the need for asset owners to ensure deep emission reductions (4).<\/span><\/p>\n<\/div><div class=\"fusion-title title fusion-title-2 fusion-title-text fusion-title-size-two\" style=\"--awb-text-color:#59bc6d;--awb-margin-top:10px;--awb-margin-bottom:15px;--awb-font-size:16px;\"><div class=\"title-sep-container title-sep-container-left fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><span class=\"awb-title-spacer fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><\/span><h2 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;font-size:1em;--fontSize:16;--minFontSize:16;line-height:1.5;\"><p><b><span class=\"TextRun SCXW211336256 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW211336256 BCX0\" data-ccp-parastyle=\"No Spacing\">Offsetting\u2019s problems are not a governance problem<\/span><\/span><span class=\"EOP SCXW211336256 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><br \/>\n<\/b><\/p><\/h2><span class=\"awb-title-spacer\"><\/span><div class=\"title-sep-container title-sep-container-right\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><\/div><div class=\"fusion-text fusion-text-5\"><p><span data-contrast=\"auto\">The AOA report endorses the <\/span><a href=\"https:\/\/www.iif.com\/tsvcm\"><span data-contrast=\"none\">Task Force on Scaling Voluntary Carbon Markets<\/span><\/a><span data-contrast=\"auto\"> (TSVCM), launched by UN Special Envoy for Climate Action and Finance, Mark Carney, and chaired by Bill Winters, CEO of Standard Chartered. The <\/span><b><span data-contrast=\"auto\">TSVCM is a prime example of the technocratic wishful thinking that has long dominated among promoters of carbon offsetting markets<\/span><\/b><span data-contrast=\"auto\">: it recognizes that offsetting in the past has been rife with cheating, perverse incentives and flawed methodologies, but claims that with the proper governance system all will somehow be well.<\/span><\/p>\n<p><span data-contrast=\"auto\">Yet the largest global offsetting scheme created so far, the Kyoto Protocol\u2019s Clean Development Mechanism (CDM), was, on paper at least, tightly regulated by a UN-appointed board and secretariat, with the help of a host of supposedly independent consultants. In reality, it is widely regarded as a farce that generated 1.6 billion tons of offsets from projects such as the destruction of industrial gases and hydropower dams in China, many of which \u2014 85% according to one expert analysis \u2014 would have happened regardless of receiving income from the CDM (5).<\/span><\/p>\n<p><span data-contrast=\"auto\">In other words, the net effect of the CDM was to increase CO<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\"> emissions by up to 1.36 billion tons (85% of 1.6 billion offsets) because polluters were able to comply with their Kyoto Protocol obligations by buying fake CDM credits instead of cutting their emissions. Any offsetting scheme promoted by the TSVCM and the AOA is only going to replicate the problems of the CDM, given that it will have the same inherent flaws and perverse incentives<\/span><span data-contrast=\"none\">.<\/span><\/p>\n<p><span style=\"color: #8ac56b; font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); letter-spacing: var(--body_typography-letter-spacing);\"><b><span style=\"font-style: var(--body_typography-font-style,normal);\">In January 2021, the NZAOA issued a statement that highlighted the importance of the IEA\u2019s forthcoming net zero scenario and called on it to \u201ctake a clear-eyed view of the risks of stranding of high-carbon infrastructure and reserves as well as the implications for oil and gas developments \u2013 specifically including the need for managed phase-down of production and use, in para<\/span>llel with actions to <span style=\"font-style: var(--body_typography-font-style,normal);\">support a just transition\u201d (6). A f<\/span><\/b><\/span><b style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing); color: #8ac56b;\">ew months later, in May 2021, in its \u201cNet Zero by 2050\u201d report, the International Energy Agency (IEA) made clear that there is no room for any new investments in fossil fuel supply in a 1.5\u00b0 carbon budget. The AOA lobbied for the IEA Net Zero report \u2013 and should now act on its findings : rather than promoting huge private sector investments into offsetting and negative emissions, it should focus its time and resources on getting its members to push the companies they own to stop investing in new oil and gas projects. To cut carbon, we really do need to cut carbon.<\/b><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-4 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-bottom:0px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#ffffff;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-6\"><p><b><u>Notes:<\/u><\/b><\/p>\n<ol>\n<li>\u00ab\u00a0<i>Shell\u2019s net zero climate plans need land up to three times the size of the Netherlands for carbon offsets<\/i>,\u201d ActionAid, 17 May 2021.<\/li>\n<li>\u201c<i>If forests go up in smoke, so can carbon offsets<\/i>,\u201d Justine Calma, <em>The Verge<\/em>, 13 September 2019; \u201c<i>Up in smoke \u2013 California fires once again highlight dangers of forest offsets<\/i>,\u201d Gilles Dufrasne, Carbon Market Watch, 22 October 2020; \u202f\u201c<i>Western Wildfires Are Sending Carbon Offsets Up in Smoke<\/i>,\u201d Dhana Noor, Gizmodo, 27 July 2021.<\/li>\n<li>\u201c<i>Systematic over-crediting of forest offsets<\/i>,\u201d Grayson Badgley et al. (carbon)plan, 29 April 2021.<\/li>\n<li>\u201c<i>Investors Managing $6.6 Trillion Call for Funding Carbon Removal<\/i>,\u201d John Ainger, Bloomberg, <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">September 22, 2021. <\/span><\/li>\n<li>\u201c<i>Bad Deal for the Planet: Why Carbon Offsets Aren&rsquo;t Working<\/i>,\u201d International Rivers, 21 May, 2008; \u201c<i>How additional is the Clean Development Mechanism<\/i>,\u201d M. Cames et al., \u00d6ko Institut, March 2016.<\/li>\n<li>\u201c<i>Statement on the Need for a Fully Developed IEA 1.5\u00b0C Scenario<\/i>,\u201d NZAOA, 7 January 2021.<\/li>\n<\/ol>\n<\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":11755,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222],"tags":[721,733,1400],"acteurs_financiers":[2448,2452],"thematique":[2423],"webinar_type":[],"programme":[],"class_list":["post-15554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog_en","tag-finance-en","tag-net-zero-asset-owner-alliance","tag-offsetting","acteurs_financiers-asset-owners","acteurs_financiers-gfanz-en","thematique-fossil-fuels"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The not-zero asset owner alliance? 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