Markey Sends Letter to FTC, Others to Look at Carbon Offset Market
New Market Needs Guidelines to Protect Consumers, Make Climate Progress, Says ChairmanWashington, DC – Following an illuminating hearing on carbon offsets in the Select Committee on Energy Independence and Global Warming today, Chairman Edward Markey (D-MA) sent a letter to Chairman Platt Majoras of the Federal Trade Commission as a first step towards establishing guidelines that will ensure voluntary carbon offsets are productive commodities, both for consumers and for the climate.
“These aren’t just consumer commodities, they’re climate commodities” said Markey. “Protecting consumers on carbon offsets also protects the planet.”
The letter asks the Federal Trade Commission to evaluate existing guidelines for the advertising or marketing of environmentally-friendly products to consumers and look for additional ways to apply those guidelines to the growing carbon offset market. The current guidelines define terms like “recycled” and “recyclable” to ensure products are properly representing their environmental benefits.
Chairman Markey also announced his intention to explore the possibility of addressing these issues with other agencies to ensure a full accounting of these practices. Carbon offsets already is a $100 million/year commodities market, but is still largely unregulated.
“Consumers who buy carbon offsets are doing so because they want to be part of the solution,” continued Markey. “We need to make sure these responsible consumers are getting what they pay for.”
Carbon offsets are credits that consumers, businesses and government agencies can buy to compensate for the global warming emissions caused by driving, using electricity, or other activities. When properly structured, the money is then used to fund clean energy development projects, tree plantings, or other activities that “offset” a certain amount of heat-trapping pollution.
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