The market for carbon offsets needs to be increased massively and quickly and standardized, according to Karen Fang, Head of Global Sustainable Finance at the Bank of America. Don’t let perfect be the enemy of the good she said in an interview with CNBC. According to her, using offsets is not a sign of being lazy, it’s a reality of decarbonisation goals set by companies and governments.
The Bank of America analyzed recently that achieving net-zero emissions by 2050 could require as much as a fifty fold increase in the offset market. At the very low-end the market for offsets will quadruple, the bank said.