To assess the credits, a team of journalists analysed the findings of three scientific studies that used satellite images to check the results of a number of forest offsetting projects, known as Redd+ schemes. The analysis: “It’s disappointing and scary” They spoke of forced evictions and tensions with park authorities. The Guardian visited a flagship project in Peru, and was shown videos that residents said showed their homes being cut down with chainsaws and ropes by park guards and police. Human rights issues are a serious concern in at least one of the offsetting projects. Gucci, Salesforce, BHP, Shell, easyJet, Leon and the band Pearl Jam were among dozens of companies and organisations that have bought rainforest offsets approved by Verra for environmental claims. The threat to forests had been overstated by about 400% on average for Verra projects, according to analysis of a 2022 University of Cambridge study. Only a handful of Verra’s rainforest projects showed evidence of deforestation reductions, according to two studies, with further analysis indicating that 94% of the credits had no benefit to the climate. And they point out that their work since 2009 has allowed billions of dollars to be channelled to the vital work of preserving forests. Verra argues that the conclusions reached by the studies are incorrect, and questions their methodology.
Its rainforest protection programme makes up 40% of the credits it approves and was launched before the Paris agreement with the aim of generating revenue for protecting ecosystems.
It approves three-quarters of all voluntary offsets. Verra, which is based in Washington DC, operates a number of leading environmental standards for climate action and sustainable development, including its verified carbon standard (VCS) that has issued more than 1bn carbon credits.
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