Oxford Principles for Net Zero Aligned Carbon Offsetting (revised 2024)

Abstract:

Since the initial publication of the Principles in 2020, there has been growing interest in aligning organisational and offsetting strategies with net zero. Despite this, evidence continues to cast doubt on the integrity of many carbon credits used for offsetting, and most offsetting that occurs today is still not net zero aligned. In the past few years, analyses of the most common types of carbon credit projects have found evidence of over-crediting that undermines climate change mitigation efforts. Furthermore, the supply of credible removals is still far from sufficiently scaled. In recognition of these challenges, organisations and standard bodies have opted to move away from the term ‘offsetting’ to avoid misleading claims. The revised Principles underscore the core components of the original Principles, calling for a major course-correction in carbon markets and offsetting practices, while also clarifying aspects of the Principles for net zero alignment in areas where authors felt further detail would be beneficial to users.