Majority of Carbon Credits From Tarnished Project Deemed Bogus
After a two-year probe, findings by the world's largest offset certifier raise pressing questions for the struggling carbon markets.
Forest conservation in Binga, Zimbabwe.
Photographer: Zinyange Auntony/AFP/Getty ImagesAfter a two-year probe, the world’s largest certifier of carbon offsets has determined that most of the credits from a massive forest-protection project in Zimbabwe, which powered green claims of Volkswagen, Gucci, Nestle and McKinsey & Co., failed to benefit the atmosphere.
It’s a sharp blow to carbon markets, which have shrunk by more than two-thirds since 2021, amid ongoing concerns about the quality of carbon projects and a broader corporate pullback in climate action.