1、The Next Frontier in Carbon Credits:ConsumersMarch 2023By Courtney Dong,Vikas Taneja,Lauren Taylor,Pascal Enohnyaket,Keeton Ross,Jenny Roy,and Brennan Spellacy2 THE NEXT FRONTIER IN CARBON CREDITS:CONSUMERSThe Next Frontier in Carbon Credits:ConsumersYet,achieving this goal will be no small feat.A c

2、ritical enabler will be going beyond the reduction of carbon emissions to the removal of existing carbon from the atmosphere.In line with the Science Based Targets initiative(SBTi)s Net-Zero Corporate Standard created to combat greenwashing,while companies need to take rapid action to achieve long-t

3、erm deep emissions cuts of 90%to 95%,they also need to neutralize any limited residual emissions that are not possible to cutthe final 5%to 10%through carbon removal.While carbon removal activity has been low historically,this needs to change.According to the latest report from the United Nations In

4、tergovernmental Panel on Climate Change(IPCC),there is now only a 40%to 60%chance of limiting the global temperature rise to 1.5C above pre-industrial levels by 2030.In addition to immediate and deep emissions cuts across all sectors,carbon removal at scale is essential in order to contain the likel

5、y overshoot and gradually bring emissions back down to 1.5C by 2100.And the contribution of carbon removal initiatives across both engineered and nature-based solutions must increase to 10 gigatonnes of CO2 removed per year by 2050.To finance carbon removal and avoidance,a growing number of companie

6、s are purchasing carbon credits in the voluntary carbon market(VCM).Organizations and individuals are able to purchase these credits via select growth-tech plat-forms to pay for“carbon offsetting”the act of applying the credits against an internal accounting of carbon dioxide equivalent(CO2e)emissio