US senators push for regulator crackdown on carbon offsets market

Patrick Griffiths ·

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US lawmakers are pushing the federal regulator to crack down on the market for carbon offsets and draw up new rules for its oversight. A group of Democratic party senators, including former presidential contenders Bernie Sanders, Elizabeth Warren, Cory Booker, and Kirsten Gillibrand, have asked the Commodity Futures Trading Commission to address the schemes that are used by companies to offset their carbon emissions. In a letter to the CFTC, obtained by the Financial Times, the senators said that the purchase of offsets allowed companies “to make bold claims about emission reductions and pledges to reach “net zero”, when in fact they are taking little action to address the climate impacts of their industry.

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