Green groups raise concerns over Carney carbon credits plan

Campaigners say system risks becoming greenwashing exercise unless loopholes closed

The leaders of two UK environmental charities have written to Mark Carney, the UN climate envoy and former governor of the Bank of England, to raise concerns over a blueprint for carbon offsetting that could result in billions of new carbon credits being sold around the world.

Carney presented plans at the virtual Davos meeting of global business and political leaders on Wednesday evening for vast increases in the number of carbon offsets sold, aiming to expand the market from about $300m at present to between $50bn and $100bn a year.