Carbon offset sellers whistle past the graveyard

Voluntary carbon offsetting not yet crisis victim | Markets | Markets News | Reuters

LONDON, Oct 15 (Reuters) - Battling climate change is so important to the image of many companies, and so cheap, that carbon offsetting is unlikely to be an early casualty of the financial crisis, delegates at a London conference said.

Carbon offsetting entails paying someone else to cut greenhouse gas emissions. It has become increasingly popular despite criticism it is simply a means to pay to avoid taking significant action against global warming.
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"Companies who made very public statements about their climate change aims will find it difficult to go back on them," Shelagh Whitley, voluntary asset portfolio manager at carbon offset sellers Camco, said at the conference this week.

Spending on carbon offsetting as part of what is known as "green branding" is also quite low in comparison to other costs.

"Most companies shouldn't feel the pinch too much. (Green branding) will not necessarily be pinpointed as a line item which needs to go," said the director of analysts New Carbon Finance, Guy Turner.

The voluntary carbon market sold about 65 million tonnes of avoided carbon dioxide emissions in 2007, worth some $330 million, and still has room to expand...