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According to the International Energy Agency, the world’s CO2 emissions are expected to fall by 8% this year due to the effect of the coronavirus crisis. Estimations are obviously subject to change, but such a drop would be six times greater than the one after the subprime crisis. It sounds like an unprecedented drop, but it is actually the annual pace required for the next decade to stay below the 1.5C limit set by the Paris Agreement.

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Global energy-related emissions (top) and annual change (bottom) in GtCO2, with projected 2020 levels highlighted in red. Other major events are indicated to a give a sense of scale. Source: IEA Global Energy Review.

As you may have understood, lowering our carbon footprint is not an option anymore. Structural changes are needed to reach our objectives as the decrease following the coronavirus crisis is very likely to be temporary. Various mechanisms have emerged to do so, such as carbon offsetting solutions. At Daphni, we’ve been looking at the topic for a while and had a few question marks. So we deep dived into it and tried to get a clearer picture of what carbon offsetting is.

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