Carbon Offset Research Articles

Are air travelers willing to pay for mandatory carbon emission policies? Evidence from China

The aviation industry is one of the fastest-growing sectors in terms of CO2 emissions and also one of the most challenging to decarbonize. China has become the world's second-largest aviation market. While a nationwide mandatory carbon reduction policy has yet to be introduced in China's aviation sector, it may be implemented in the coming years. The implementation of mandatory carbon reduction policies will inevitably raise questions about the distribution of additional costs. Therefore, air travelers' willingness to pay (WTP) and the factors influencing it are critical considerations for policymakers and airlines. However, there is a lack of research on the WTP of Chinese air travelers under mandatory carbon reduction policies. No studies have specifically focused on the regional differences in WTP among air travelers in China. Moreover, existing research on air travelers' WTP for carbon offsets rarely captures the impact of rational, emotional, and social interaction factors. Therefore, this study investigates the WTP of 3424 air travelers across 31 provincial-level administrative regions in China within the context of a carbon tax policy. Using the Heckman two-step model, the study analyzes the impact of rational, emotional, and social interactions on air travelers' WTP. The results indicate that, after removing biased samples, the average WTP among Chinese air travelers is 311.04 CNY ($44.14) per ton of CO2. The highest WTP is observed in the East China region at 341.20 CNY ($48.42) per ton of CO2, while the lowest is in the Northeast region at 263.19 CNY ($37.35) per ton of CO2. Epistemic performance expectancy, social performance expectancy, function performance expectancy, and anticipated pride positively influence WTP. In contrast, effort expectancy negatively impacts WTP. Additionally, social interaction can moderate the effects of certain rational and emotional factors on WTP. It is noteworthy that although anticipated guilt does not directly influence WTP, its positive impact on WTP can be moderated through social interactions. The results of this study can assist governments in formulating effective carbon emission reduction policies for the aviation industry. Moreover, these findings can provide valuable insights for airlines to adjust pricing strategies under mandatory carbon reduction policies, thus holding practical significance.

Optimized application and potential impact of blockchain technology in carbon trading

The integration of blockchain technology with carbon trading opens up new avenues for carbon market optimization. The use of blockchain technology to address climate change is the main topic of this research. Using case studies as a basis, it examines how blockchain technology might help optimize the carbon trading market. It is discovered that the drawbacks and inefficiencies of the carbon trading market can be technically addressed by the current blockchain technology. Blockchain technology has been instrumental in increasing the market’s transparency and streamlining the trading procedure for carbon offsets. Green finance and blockchain technology work together to lessen “greenwashing” behavior, and their cooperation enhances the carbon trading market. This research offers a valuable resource for the enhancement and novelty of carbon trading methods, the growth of environmentally conscious financial enterprises, and the incorporation of the carbon market through the utilization of blockchain technology.

Enter the CORSIA First Phase

Abstract The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) entered its First Phase on 1 January 2024. Aircraft operators are required to offset their emissions for the first time in this Phase to mitigate their climate impact. This note chronologises its major developmental trajectory leading up to this Phase. Furthermore, developments of climate initiatives at the regional level are related to CORSIA. It is noteworthy to see CORSIA from a European Union (EU) perspective because of the recent amendment to the EU Emissions Trading System (EU ETS). The European Commission has set a ‘deadline’ to review the effectiveness of CORSIA and made efforts to establish the EU ‘world premiere’ in the monitoring, reporting, and verification (MRV) of aviation non-CO2 emissions. This indicates a broader scope of the EU ETS than that of CORSIA. With the deadline and regional developments, CORSIA is approaching a juncture for the potential design changes from its sole focus on CO2 emissions to include non-CO2 emissions.

Accuracy of Cup Placement Angle, Leg Lengthening, and Offset Measurement Using an AR-Based Portable Navigation System: Validation in Supine and Lateral Decubitus Positions for Total Hip Arthroplasty

Background and Objectives: Total hip arthroplasty (THA) requires accurate implant placement to ensure optimal outcomes. In this study, the AR Hip navigation system, an imageless portable navigation tool using augmented reality (AR), was evaluated for measuring radiographic inclination (RI), anteversion (RA), leg lengthening (LL), and offset (OS) changes in supine and lateral decubitus THA. Notably, this is the first report to assess the accuracy of LL and OS measurements using AR technology. Methods: We analyzed 48 hips from primary THA patients: 17 in the supine (S) group and 31 in the lateral (L) group. RI, RA, LL, and OS were measured intraoperatively using AR Hip and postoperatively using Zed Hip 3D software (Version 18.0.0.0). The absolute errors and outlier rates (≥5° for RI/RA and ≥5 mm for LL/OS) were compared between groups. Results: The mean intraoperative RI values with AR Hip were 40.1 ± 0.6° (S), 40.2 ± 1.2° (L), and 40.1 ± 1.0° (total), while the postoperative RI values with Zed Hip were 39.7 ± 2.9° (S), 39.5 ± 2.5° (L), and 39.6 ± 2.6° (total). The absolute errors were 1.8 ± 1.7° (total), with no significant group differences (p = 0.957). For RA, the errors were 2.0 ± 1.2° (total) (p = 0.771). The LL errors were 2.3 ± 2.2 mm (total) (p = 0.271), and the OS errors were 3.5 ± 2.8 mm (total) (p = 0.620). The outlier rates for RI were 11.8% (S) and 3.2% (L); for RA, 0% (S) and 3.2% (L); for LL, 29.4% (S) and 6.5% (L) with a significant difference (p = 0.031); and for OS, 23.5% (S) and 25.8% (L). No significant differences were observed for RI, RA, or OS. Conclusions: AR Hip provided accurate measurements of cup orientation, LL, and OS in both supine and lateral THA. Importantly, this study is the first to report the accuracy of LL and OS measurements using AR technology, demonstrating the potential of AR Hip for improving THA precision.

The Global South Air transport Belt: A catalyst for sustainable tourism and economic growth

This paper explores specific technical dimensions of a Global South Air Transport Belt concept, emphasizing international air transport's pivotal role in fostering global trade, stimulating tourism, promoting people-to-people exchange, and enhancing supply chain efficiency. A notable disparity exists between the air transport infrastructures of the Global North and the Global South. Furthermore, the Carbon Offset Scheme for International Aviation poses an obstacle to the air transport advancement in developing nations. This market-based initiative, designed to cap aviation emissions from 2020, has the potential to impede the actual international network connections expansion in developing countries. As an alternative, this paper advocates for the adoption of operational measures, the utilization of sustainable aviation fuels, and the implementation of technological advancements. This strategy aligns with the United Nations' Sustainable Development Goals. The paper highlights the potential for sustainable development through the air transport infrastructure expansion in developing countries, focusing particularly on the BRICS nations. Creating a cohesive Global South Air Transport Belt will facilitate the growth of tourism and foster economic development across the participating nations. Such an initiative seeks a sustainable pathway toward inclusive economic growth and social progress for humanity.

Drained peatlands rewetting as a promising trend for carbon offsets in Russia: legal and economic aspects

“Zero” greenhouse gas (GHG) emissions is one of the most pressing climate protection goals worldwide. The most important questions for the Russian Federation are about the significance and role of the country’s ecological systems in achieving “carbon neutrality”: creating conditions to reduce emissions and increase the GHG absorption by ecosystems, the implementation of natural climate projects to protect the climate in the country, and recognition climate outcomes of such projects at the national and international levels. This article analyzes legal and economic aspects of the emerging trend of Russian drained temperate peatlands rewetting as a new carbon offset strategy. We discuss the regulatory context and evaluate non-climate benefits. Drained peatlands rewetting holds promise for substantial GHG reduction in the country. However, further development of the methodology and alignment with relevant international standards is required for international recognition of the national carbon offset projects focused on drained peatlands rewetting.

A dynamic multi-objective optimization model for inner-industry carbon responsibility allocation based on carbon tax and carbon offsets accounting

The setting of Intergovernmental Panel on Climate Change (IPCC) raises concerns on curbing the excessive carbon emissions, and European Union (EU) has been proactively attempting “green” initiatives striving to achieve carbon neutrality. The current Carbon Border Adjustment Mechanism (CBAM) only works on short-term carbon reduction without much “greenness” investment incentives so far, and few studies focus on the long-standing inner-industrial carbon reduction coordination. To address these issues, this paper creatively presents a dynamic multi-objective carbon responsibility allocation model (CRAM) for EU carbon market, allows the carbon trade with a taxation based on carbon offsets accounting, and considers the final targets of sustainable “greenness” investment incentives. To find the optimal results of the designed dynamic CRAM, an improved KT-NSGA-II algorithm is proposed to detect the Pareto frontiers of each successive periods. Data from EU Cement and Aluminium industries are then selected for empirical analysis to compare the proposed CRAM to conventional CBAM model. The findings demonstrate that the superiority of CRAM in carbon emissions reduction, economic benefits improvement and green invests encouragement. With the adjustment of the inner-industrial carbon allowance trade, total carbon emissions decreased by 28.03% and the “greenness” investment initiative increased by 39.24% in contrast to the CBAM. The sensitivity analysis of the model also provides suggestions on the settings of carbon quota and tax with different industrial production process, and proposes policy recommendations for CRAM implementation.

Mobilizing carbon offsetting to reduce energy cost burdens: a new approach for calculating and monetizing the offset value of energy efficiency upgrades to low-income housing

Energy-inefficient buildings are a major driver of climate change. The aging, energy inefficient housing occupied by low-income households in the US and other high-income countries is a driver of notable environmental and health disparities as well. Public policies for alleviating the financial and health burdens of energy inefficient housing have existed for decades, but fallen short of reaching most households in need. This paper proposes a promising new approach to filling gaps left by public programs — one that relies on mobilizing the tools of private governance, carbon offsetting and the voluntary carbon market (VCM) to finance energy upgrades for low-income households. We develop a new and readily applicable methodology for calculating energy and carbon savings from efficiency upgrades based on readily accessible publicly available data. Tailored to the needs of estimating energy and carbon savings from efficiency upgrades to low-income units, rentals in particular, this methodology can be fruitfully deployed in monetizing the carbon savings from efficiency driven reductions in household energy use. Specifically, we propose packaging the emission reductions generated through energy savings as carbon offsets, then selling these offsets on the voluntary carbon market to generate financing for energy upgrades to low-income homes not served by public energy efficiency programs. Given the multiple economic and health co-benefits from low-income energy upgrades, we expect that carbon offsets generated through such upgrades will be attractive to many corporate and institutional offset buyers, particularly those who seek to fulfill climate commitments while also advancing economic and human development in their host communities.

Carbon Offset Through Tree Planting: a Sustainable Initiative in Companies

Objective: The objective of this study is to investigate the practice of environmental compensation as a strategy to mitigate companies' environmental impacts, with the aim of evaluating its effectiveness in reducing CO₂ emissions and its impact on corporate image, attracting consumers and investors interested in sustainability. Theoretical Framework: This section presents the main concepts and theories that underpin the research, such as the concept of corporate sustainability, ESG (Environmental, Social, and Governance), and environmental compensation practices. Theories on corporate socio-environmental responsibility and strategies for mitigating environmental impacts are highlighted, providing a solid foundation for understanding the research context. Method: The methodology adopted for this research consists of a case study focused on a company that calculates CO₂ emissions from its operations and compensates for those emissions through tree planting in a permanent persevation area (PPA) in São José dos Pinhais, Dinheiro. Data collection was carried out through document analysis, environmental reports, and interviews with managers responsible for sustainable practices. Results and Discussion: The results revealed that environmental compensation through tree planting in permanent preservation areas not only contributes to the recovery of degraded areas but also improves the company’s image in the market. In the discussion section, these results are contextualized within the theoretical framework, highlighting the implications for adherence to ESG criteria and the positive perception of consumers and investors. Study limitations, such as the reliance on self-reported company data, are also considered. Research Implications: The practical and theoretical implications of this research are discussed, providing insights into how companies can adopt environmental compensation as a tool to promote sustainability. These implications may impact the corporate sector, especially companies seeking to align their operations with ESG principles and reduce their environmental impact. Originality/Value: This study contributes to the literature by highlighting environmental compensation as an effective approach for companies seeking to reduce their CO₂ emissions, as well as contributing to environmental restoration. The relevance and value of this research are demonstrated by showing how this practice can strengthen corporate image in a market increasingly aware of sustainability and social responsibility issues.

Carbon and Climate: Is There a Serious Link?

Climate change is a topic that becomes increasingly relevant with each passing day. I've encountered buzzwords like carbon emissions resulting from industries, greenhouse gases, climate change, global warming, carbon offsetting, carbon neutrality, and more. Recently, at the G20 summit in New Delhi, it was a matter of serious concern among global leaders. Carbon dioxide (CO2) plays a vital role in our atmosphere by helping to regulate Earth's temperature. Each individual actively contributes to the carbon footprint, whether directly or indirectly. Major contributors to our carbon footprint include transportation, electricity, home heating, and increased affluence, which leads to greater production. Around the world, various efforts are underway to combat the ongoing harm to our planet caused by this man-made issue. Whether these attempts are genuine or merely superficial is a different discussion, but various technologies, methods, and government policies aim to control the magnitude of this threat. Reducing waste production, reusing materials, and enhancing recycling are all helpful strategies. Adopting a plant-based diet goes a long way in supporting the planet. Every individual bears responsibility for their own consumption and should be willing to change their lifestyle. The goal should be achieving zero emissions rather than settling for net-zero carbon emissions.

Balancing conservation and development: a review of navigating Malaysian forest policies and initiatives

Although Malaysia is renowned for its tropical rainforest and biodiversity, deforestation for economic development remains contentious. This review analyses Malaysian forest policies, afforestation, and forest carbon payment mechanisms, and makes policy recommendations. It categorises forests by altitude and protection level, highlighting diverse ecosystems. Policies, including the National Forestry Act of 1978 (Amendment 1993), Sabah Forest Policy (2018), and Sarawak Forest Policy (2019), prioritise sustainable management. Agencies shift towards conservation, moving beyond timber‐centric approaches, while revenue streams such as carbon offsetting, payment for ecosystem services, and non‐timber forest products gain traction. Forest connectivity programs protect state‐owned lands from logging, and have increased protected forests since 2005. Government incentives for afforestation and reforestation include tax exemptions. Malaysia commits to REDD+ with forest carbon offset and conservation certificate schemes. A structured implementation approach is proposed, emphasizing the need to understand and communicate market demand for forest carbon offset initiatives.

Evaluating the potential of green hydrogen, ammonia and urea in Lao PDR energy transitions.

Abstract We report the results of a systematic evaluation of the redeployment of surplus hydropower electricity to produce green hydrogen (H2), ammonia (NH3) and urea (CH4N2O) in Lao PDR. Participatory system mapping (PSM) workshops convened across multiple Lao PDR ministries revealed both direct and indirect opportunities and risks as probable consequences of green H2, NH3 and urea production. Participants debated and prioritized green urea fertilizer to replace “grey” imports; coal co-firing; and fuel cells as the products that contribute to the opportunities and manage the risks identified by the PSM process. Techno-economic modelling indicates the levelized cost of urea (US$467/tonne) is competitive with Thai imports, associated with opportunities for trading carbon offsets. Carbon credits were not sufficient to offset the additional co-firing costs of coal generation, and fuel cells are a likely future enterprise. A targeted capacity building and training program was a central pillar of a systems-based dissemination strategy to develop necessary technical and planning skills and community and awareness raising. The collated research results represent an integrated foundation to draft the Lao PDR National green H2 and NH3 road map and action plan, and a cross-sectoral revision of energy transition development plans.

Tourist Behavior and Awareness in Airline Voluntary Carbon Offset Programs: A Portuguese Perspective

This study examines the attitudes and behaviors of Portuguese air travelers towards voluntary carbon offset (VCO) programs, with a focus on understanding the motivations and awareness levels that drive offsetting behaviors. An online survey conducted between February 28 and April 30, 2023, gathered responses from 534 Portuguese residents who had traveled by air in the 12-month period prior to completion of the survey The findings reveal that while the decision to participate in VCO programs is primarily driven by a fundamental environmental ethos among offsetters, tourists exhibit limited understanding of these programs and heightened concern about affordability. Notably, the study uncovers a significant cognitive dissociation among tourists, where they often overlook or fail to acknowledge VCO offers. The findings highlight the challenge of integrating sustainability into the leisure tourism experience. This suggests that future research must account for these psychological hurdles when conducting sustainability experiments. Moreover, for sustainability initiatives to be truly effective, they must first address these cognitive barriers and reshape how environmental responsibility is perceived during leisure travel.

Mitigating Climate Change in Ecotourism: Analyzing Initiatives and Challenges of Tourist Spot Owners in Adapting to Environmental Impacts

This research focuses on strategies and challenges that tourist spot owners and the ecotourism industry face in mitigating climate change. It, in particular, assesses carbon strategies, adaptive infrastructure, policy implementation, and sustainable resource management in tandem with community engagement and education. The results suggest that these are moderately effective in these regards, though there is considerable work done in carbon-emission reduction and water conservation. There is substantial scope for improvement in carbon offsetting, resilience building in infrastructure, and policy implementation and enforcement. The identified challenges include disruptions of operations due to climate-related events, fluctuating visitor arrivals, impacts on supply chains, biodiversity, and human health. Improvements to carbon offsetting schemes, enhancement of resource use management, refocusing waste management policies, and addressing disruptions in operations are also necessary. This study offers insights into developing more robust mitigation strategies in the tourism sector against climate change.

Offset integrity reduces environmental risk: Using lessons from biodiversity and carbon offsetting to inform water quality offsetting in the catchments of the Great Barrier Reef

Environmental offsetting has been developed as a mechanism to facilitate the benefits from economic development while avoiding or minimizing environmental harm. This is achieved by compensating for environmental impacts at one location by generating equivalent environmental improvements elsewhere. However, experience with biodiversity and carbon offsetting indicates it can be difficult to ensure the integrity of offsets. Under recent legislation in the catchments of the Great Barrier Reef (GBR), Australia, it is mandatory for water quality emissions from new or expanded point source development to be offset by reducing pollution elsewhere, frequently through reducing non-point source pollution (NPSP). Therefore, informed by experience with biodiversity and carbon offsetting, we summarised sources of uncertainty in NPSP reduction that would influence water quality offset integrity; estimated the maximum potential demand for water quality offsets from sewage treatment plants, the largest point source emitter of total nitrogen (TN) in the GBR catchments, between 2018 and 2050; and discussed the implications of both on the ability of offsetting to counterbalance the impact of economic development in catchments where nitrogen loads have a large influence on the health of important GBR ecosystems. The catchments surrounding the population centres of Cairns and Mackay had both a potentially high future demand for nitrogen water quality offsets and nitrogen loads with a strong influence on the health of the GBR. Consequently, any low integrity water quality offsets in these catchments could jeopardise progress toward the water quality improvements needed to ensure the continued health of the GBR. Water quality offsetting has numerous strengths as a policy instrument however substantial uncertainties remain related to environmental outcomes. Until further research can reduce these uncertainties, water quality offsets that are implemented near increased point source emissions and have a high certainty of effectiveness may provide a balance between scientific rigour and policy workability.

Impartial policymakers prefer to impose carbon pricing to capping, especially when combined with offsets

Sustainable socio-economic development requires a global reduction of greenhouse gas emissions. We utilize an incentivized experiment to map the preferences of ‘policymakers’ over climate actions of ‘decision-makers’. Our design guarantees that these preferences are unaffected by selfish motives such as a concern about being re-elected or an unwillingness to pay for the greater good. Few of our impartial policymakers choose interventions that leave the autonomy of decision-makers' completely untouched. The choice patterns of those who intervene suggest that policymakers care not only about minimizing emissions, but also about how emissions are reduced. Policymakers strongly prefer pricing policies over capping emissions, and among the pricing policies, they prefer those that include voluntary carbon offsets, even if this leaves considerable scope for decision-makers to selfishly emit CO2. The reason is that policymakers expect decision-makers to voluntarily offset some of their emissions at their own cost, and believe that this would eventually improve the outcome in terms of both emissions and the decision-makers' profit relative to a standard carbon pricing policy (without offsetting). Our decision-making data confirm this expectation.

Getting allometry right at the Oak Ridge free‐air CO2 enrichment experiment: Old problems and new opportunities for global change experiments

Societal Impact StatementFree‐air CO2 enrichment (FACE) experiments provide essential data on forest responses to increasing atmospheric CO2 for evaluations of climate change impacts on humanity. Understanding and reducing the uncertainty in the experimental results is critical to ensure scientific and public confidence in the models and policy initiatives that derive therefrom. One source of uncertainty is the estimation of tree biomass using mathematical relationships between biomass and easily obtained and non‐destructive measurements (allometry). We evaluated the robustness of the allometric relationships established at the beginning of a FACE experiment and discuss the challenges and opportunities for the new generation of FACE experiments.Summary Long‐term field experiments to elucidate forest responses to rising atmospheric CO2 concentration require allometric equations to estimate tree biomass from non‐destructive measurements of tree size. We analyzed whether the allometric equations established at the beginning of a free‐air CO2 enrichment (FACE) experiment in a Liquidambar styraciflua plantation were still valid at the end of the 12 year experiment. Aboveground woody biomass was initially predicted by an equation that included bole diameter, taper, and height, assuming that including taper and height as predictors would accommodate changes in tree structure that might occur over time and in response to elevated CO2. At the conclusion of the FACE experiment, we harvested 23 trees, measured dimensions and dry mass of boles and branches, and extracted and measured the woody root mass of 10 trees. Although 10 of the harvested trees were larger than the trees used to establish the allometric relationship, measured aboveground woody biomass was well predicted by the original allometry. The initial linear equation between bole basal area and woody root biomass underestimated final root biomass by 28%, but root biomass was just 21% of total wood mass, and errors in aboveground and belowground estimates were offsetting. The allometry established at the beginning of the experiment provided valid predictions of tree biomass throughout the experiment. New allometric approaches using terrestrial laser scanning should reduce an important source of uncertainty in decade‐long forest experiments and in assessments of centuries‐long forest biomass accretion used in evaluating carbon offsets and climate mitigation.

Determinants of Non-Hydro Renewable Energy Consumption in China’s Provincial Regions

This study investigates the determinants of non-hydro renewable energy (NHRE) consumption across 31 provincial regions in China, spanning from 2015 to 2022. Utilizing fixed effects and moderating effects, the research analyzes the impacts of research and development intensity (RDI), urbanization (UR), and human capital (HC) on NHRE consumption (NHREC). Additionally, the moderating roles of industrial structure (IS) and tax (TA) are examined, along with control variables such as informationization and economic development. The findings reveal that increased RDI significantly boosts NHREC by enhancing technological advancements. UR also positively affects NHREC, particularly in rapidly urbanizing regions, while HC provides a skilled workforce that drives renewable energy projects. However, the study identifies that concentrated industrial structures and high taxes can negatively moderate these positive impacts, highlighting the complex interplay of these factors. Policy recommendations include creating “Renewable Energy Innovation Hubs” in underdeveloped regions to attract startups and researchers, developing “Solar Cities” with mandated solar panels on all buildings, and introducing a “Carbon Offset Lottery” to incentivize investments in renewable energy.

Greenwashing in food labelling: Consumer deception by claims of climate neutrality and the importance of an interpretative labelling approach

Approaches to climate labelling are gaining significant importance in food marketing. Labels that are based on carbon offsets are becoming increasingly popular. However, offsetting-labels have been criticized as misleading and are subject to accusations of greenwashing. The proposal of the EU Green Claims Directive therefore requires companies to substantiate claims. This study employs a consumer survey (n = 2,109) using a between-subjects and within-subjects design to explore how German participants evaluate the climate impact of six food products (ranging from low to very high) through five distinct climate labels: (1) ‘climate-neutral’ (without any declaration), (2) ‘climate-compensated’, (3) ‘climate-neutral and CO2-compensated product’ (declaration according to the proposed EU Green Claims Directive), (4) informative labels indicating the actual climate impact as a numeric carbon footprint (kg CO2eq/kg of food) or (5) as an interpretative traffic light-like label. Except for the numeric indication of the carbon footprint (4) and the traffic light (5), all climate labels significantly skewed perceptions of a food’s climate impact positively, compared to the control group without any label. The effect was sometimes even stronger for highly involved consumers. In contrast, the interpretative traffic light climate label helps to correctly assess the climate impact. In summary, green claims such as ‘climate-neutral’ can be misleading by fostering a false perception of a food’s climate impact, even when the compensatory character is explained or justified close to the claim. This challenges the approach of the draft European Green Claims Directive, which posits that additional information (‘substantiation’) is sufficient to avoid misconceptions.

Demand for low-quality offsets by major companies undermines climate integrity of the voluntary carbon market

Most companies include carbon offsets in their net-zero strategy. However, many offset projects are poor quality and fail to reduce emissions as claimed. Here we focus on the twenty companies retiring the most offsets from the voluntary carbon market over 2020–2023. We examine if their offsets could be considered high quality and likely to benefit the climate. We curate an original company-level dataset to examine quality and climate benefits across four dimensions: (1) use of offsets from low/high-risk project types; (2) age of projects and credits; (3) price of credits; and (4) country of implementation. We find that companies have predominantly sourced low-quality, cheap offsets: 87% carry a high risk of not providing real and additional emissions reductions, with most offsets originating from forest conservation and renewable energy projects. Further, most offsets do not meet industry standards regarding age and country of implementation. These findings provide further evidence that the voluntary carbon market is not supporting effective climate mitigation. Particularly, we show that its persisting quality issues are exacerbated by the demand for low-quality offsets by individual companies.