Shell signals retreat from carbon offsetting

Oil company is latest firm to act amid indications that carbon credits do nothing to mitigate global heating

Shell has become the latest large company to pull back from carbon offsets amid concerns many have no environmental impact, it has emerged, as the Carbon Trust discontinues its carbon neutral" labelling scheme based on offsetting.

The FTSE 100 oil company, one of the leading proponents of carbon offsetting, abandoned targets to invest up to $100m (80m) a year in carbon credit schemes and purchase 120m nature offsets a year by 2030 in June, the oil major has confirmed. This is part of a broader watering down of Shell's climate ambitions.