The key thing is that most of the offsets sold on these markets were fraudulent. This has been known for years, but the realization that a particular project didn’t result in any CO2 removal was a big deal for the markets:
But a bombshell New Yorker article earlier this month asserted that millions of carbon offsets generated by Kariba, a giant project that earned nearly $100 million for purportedly preventing deforestation in Zimbabwe, didn’t actually prevent deforestation and preserve the carbon in the trees and soil.
Maybe this will change once the insurance tables update their pricing to include the new risks?
The problem is the offsets being traded are largely fraudulent. This isn’t something that can be solved with a change in an actuarial table
Right, I should read the article. Sorry.