#carbon-credits

#carbon-credits

The plan to reduce net greenhouse gas emissions by 90% compared to 1990 levels by 2040 now allows EU member states to outsource 5% of that target to countries outside the bloc via so-called carbon credits. These involve paying third parties for their reduction of harmful emissions rather than reducing them in-house. Scientific advisers to the EU had said reductions of 90% without offsets were necessary to limit global warming to 1.5 degrees Celsius.

Mirova, the French climate-focused investment firm backed by Kering and other corporate heavyweights, has invested $30.5 million (€26.4 million) in Indian climate tech startup Varaha. This investment will help to expand the startup's regenerative farming program, supporting hundreds of thousands of smallholder farmers in northern India. The deal marks Mirova's first carbon investment in India, but its structure is unusual. Rather than taking equity, the Paris-based firm is investing cash, and will get a share of the carbon credits generated in return over time.

Food banks can help prevent food waste by rescuing unsold food from grocers and retailers, thereby redistributing it to families in need.

Microsoft has signed a contract with Vaulted Deep to remove up to 4.9 million tonnes of carbon dioxide over 12 years through carbon credits.

For Wopke Hoekstra, the EU's climate commissioner, that era is over. Europe would still lead, he said, but other countries must come forward too.