The Oxford Offsetting Principles | Smith School of Enterprise and the Environment

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width="1920" height="910"/> <source srcset="/sites/default/files/styles/hero_image/public/2022-01/grass-mathis-jrdl-unsplash.webp?itok=0N-Va21P 1x" media="all and (min-width: 720px)" type="image/webp" width="1920" height="910"/> <source srcset="/sites/default/files/styles/hero_image/public/2022-01/grass-mathis-jrdl-unsplash.webp?itok=0N-Va21P 1x" media="all and (min-width: 480px)" type="image/webp" width="1920" height="910"/>  <img class="image" src="/sites/default/files/styles/hero_mobile/public/2022-01/grass-mathis-jrdl-unsplash.webp?itok=cfSU7mIA" alt="Close-up of grass with trees in background" /> </picture> </div> </div> </div> <div class="page-banner-image-credit-wrapper"> <div class="page-banner-image-credit"> <div class="text-long"><p>Photo: Mathis Jrdl on Unsplash</p></div> </div> </div> </div> <div class="two-col-layout two-col-layout--content-wrapper"> <div class="two-col-layout two-col-layout--left"> <div class="heading-background"> <h1 class="h1"> <span>The Oxford Offsetting Principles</span> </h1> </div> <div id="paragraph--course-overview" class="course-overview--wrapper"> <h2 class="paragraph-title"> Overview </h2> <div class="text-long"><p>The <a href="https://www.smithschool.ox.ac.uk/sites/default/files/2024-02/Oxford-Principles-for-Net-Zero-Aligned-Carbon-Offsetting-revised-2024.pdf">Oxford Principles for Net Zero Aligned Carbon Offsetting (Revised 2024)</a> are an essential resource to guide the design and delivery of net zero commitments by governments, cities and companies. </p><p>Carbon offsetting schemes are frequently used to help organisations achieve net zero carbon emissions. However, current approaches are unlikely to deliver the level of emissions reduction needed to achieve global climate goals.</p><p>Well thought-out carbon offsetting can contribute to net zero strategies, particularly in hard-to-decarbonise sectors. However, if not done well, offsetting can result in ‘greenwashing’ and create unintended negative impacts for both people and the environment.</p><h3>About the revised Oxford Offsetting Principles 2024:</h3><p><span dir="ltr">Since the initial publication of the Principles in 2020, there has been growing interest in aligning organisational and offsetting strategies with net zero. Despite this, evidence continues to cast doubt on the integrity of many carbon credits used for offsetting, and most offsetting that occurs today is still not net zero aligned. </span></p><p><span dir="ltr">In the past few years, analyses of the most common types of carbon credit projects have found evidence of over-crediting that undermines climate change mitigation efforts. Furthermore, the supply of credible removals is still far from sufficiently scaled. In recognition of these challenges, some organisations and standard bodies have opted to move away from the term ‘offsetting’ to avoid misleading claims. </span><br><br><span dir="ltr">The revised Principles underscore the core components of the original Principles, calling for a major course-correction in carbon markets and offsetting practices, while also clarifying aspects of the Principles for net zero alignment in areas where authors felt further detail would be beneficial to users.</span></p><p>We focus on four main elements for credible net zero aligned offsetting:</p><ul><li><span dir="ltr">Cut emissions, ensure the environmental integrity of credits used to achieve net  zero, and regularly revise your offsetting strategy as best practice evolves</span></li><li><span dir="ltr">Transition to carbon removal offsetting for any residual emissions by the global  net zero target date</span></li><li><span dir="ltr">Shift to removals with durable storage (low risk of reversal) to compensate any  residual emissions by the net zero target date</span></li><li><span dir="ltr">Support the development of innovative and integrated approaches to achieving net zero </span></li></ul><p>Read the Principles:</p></div> </div> <div class="field field--name-field-paragraphs field--type-entity-reference-revisions field--label-hidden field--items"> <div class="field--item"> <div class="paragraph paragraph--type--output-reference paragraph--view-mode--default" id="paragraph--826"> <div class="field field--name-field-output-reference field--type-entity-reference field--label-hidden field--items"> <div class="field--item"> <article data-history-node-id="941" class="output_listing"> <div class="output_listing__content"> <a href="https://www.smithschool.ox.ac.uk/sites/default/files/2024-02/Oxford-Principles-for-Net-Zero-Aligned-Carbon-Offsetting-revised-2024.pdf" target="_blank" class="output_listing__wrapper"> <div class="output_listing__file_label">Oxford Principles for Net Zero Aligned Carbon Offsetting (revised 2024) (Opens in a new tab)</div> </a> <div class="output_listing__file_detail"> <div class="text-long"><p>With a focus on transparency, durability, and innovation, the Oxford Offsetting Principles chart a course for organisations to navigate the evolving landscape of carbon markets and offsetting practices. Key highlights include urgent calls to accelerate emission reductions, close the carbon removal gap, and harness the power of nature-based solutions. <br><span>This document should be interpreted and used in line with its purpose and scope to maintain and promote the highest possible climate ambition. This document does not address legal and other obligations relating to climate action.</span></p></div> </div> <div class="output_listing__file_details"> ( <div class="field field--name-field-file-size field--type-string field--label-hidden field--item">2.3 MB</div> ,<span></span> <div class="field field--name-field-no-of-pages field--type-string field--label-hidden field--item">28</div> ) <span class="no-padding">| </span><strong> <div class="field field--name-field-date field--type-datetime field--label-hidden field--item">February 2024</div> </strong> </div> <div class="output_listing__content"> <div class="field field--name-field-authors field--type-string field--label-hidden field--item">K, Axelsson, A. Wagner, I. Johnstone, M. Allen, B. Caldecott, N. Eyre, S. Fankhauser, T. Hale, C. Hepburn, C. Hickey, R. Khosla, S. Lezak, E. Mitchell-Larson, Y. Malhi, N. Seddon, A. Smith, S. Smith</div> </div> </div> </article> </div> </div> </div> </div> <div class="field--item"> <div class="paragraph paragraph--type--text-with-underlined-links paragraph--view-mode--default" id="paragraph--2644"> <h2 class="paragraph-plain-title"> More on the Principles </h2> <div class="paragraph-area--wrapper"> <div class="paragraph-area--left"> <div class="text-long"><p>To learn more about the Oxford Offsetting Principles, watch the launch webinar, the debate, or read our article:</p></div> </div> <div class="paragraph-area--right"> <div class="field field--name-field-paragraph-underlined-links field--type-link field--label-hidden field--items"> <div class="underlined_link field field--name-field-paragraph-underlined-links field--type-link field--label-hidden field--items"> <a href="https://www.youtube.com/watch?v=iEOwFLzFd5Q"> <p class="underlined_link underlined_link--text">Watch the launch: Revised Oxford Offsetting Principles</p> <div class="underlined_link underlined_link--icon"> <svg width="24" height="24" xmlns="http://www.w3.org/2000/svg" fill-rule="evenodd" clip-rule="evenodd"><path fill="#fff" d="M21.883 12l-7.527 6.235.644.765 9-7.521-9-7.479-.645.764 7.529 6.236h-21.884v1h21.883z"/></svg> </div> </a> </div> <div class="underlined_link"> <a href="https://www.youtube.com/watch?v=i_H6egAAobA"> <p class="underlined_link underlined_link--text">Watch 'The great carbon market debate: is it over for offsetting?'</p> <div class="underlined_link underlined_link--icon"> <svg width="24" height="24" xmlns="http://www.w3.org/2000/svg" fill-rule="evenodd" clip-rule="evenodd"><path fill="#fff" d="M21.883 12l-7.527 6.235.644.765 9-7.521-9-7.479-.645.764 7.529 6.236h-21.884v1h21.883z"/></svg> </div> </a> </div> <div class="underlined_link"> <a href="https://www.smithschool.ox.ac.uk/news/oxford-report-calls-major-course-correction-carbon-offsetting"> <p class="underlined_link underlined_link--text">News: Oxford report calls for ‘major course-correction’ to carbon offsetting</p> <div class="underlined_link underlined_link--icon"> <svg width="24" height="24" xmlns="http://www.w3.org/2000/svg" fill-rule="evenodd" clip-rule="evenodd"><path fill="#fff" d="M21.883 12l-7.527 6.235.644.765 9-7.521-9-7.479-.645.764 7.529 6.236h-21.884v1h21.883z"/></svg> </div> </a> </div> <div class="underlined_link"> <a href="https://www.smithschool.ox.ac.uk/news/top-5-common-misconceptions-about-how-use-oxford-offsetting-principles"> <p class="underlined_link underlined_link--text">Top 5 common misconceptions about how to use the Oxford Offsetting Principles</p> <div class="underlined_link underlined_link--icon"> <svg width="24" height="24" xmlns="http://www.w3.org/2000/svg" fill-rule="evenodd" clip-rule="evenodd"><path fill="#fff" d="M21.883 12l-7.527 6.235.644.765 9-7.521-9-7.479-.645.764 7.529 6.236h-21.884v1h21.883z"/></svg> </div> </a> </div> <div class="underlined_link"> <a href="https://www.smithschool.ox.ac.uk/sites/default/files/2022-01/Oxford-Offsetting-Principles-2020.pdf"> <p class="underlined_link underlined_link--text">View the 2020 Oxford Offsetting Principles </p> <div class="underlined_link underlined_link--icon"> <svg width="24" height="24" xmlns="http://www.w3.org/2000/svg" fill-rule="evenodd" clip-rule="evenodd"><path fill="#fff" d="M21.883 12l-7.527 6.235.644.765 9-7.521-9-7.479-.645.764 7.529 6.236h-21.884v1h21.883z"/></svg> </div> </a> </div> </div> </div> </div> <div class="landing-page-border"> <svg xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:cc="http://creativecommons.org/ns#" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:svg="http://www.w3.org/2000/svg" xmlns="http://www.w3.org/2000/svg" id="svg4280" version="1.1" viewBox="0 0 117.76965 109.53774" height="109.53774mm" width="117.76965mm"> <defs id="defs4274" /> <g transform="translate(-297.16874,-115.98708)" id="layer1"> <g id="g4261" style="display:inline" transform="matrix(0.26458333,0,0,0.26458333,-175.57265,-354.22054)"> <ellipse style="opacity:0.5;fill:none;fill-opacity:1;stroke:#26343c;stroke-width:1;stroke-miterlimit:4;stroke-dasharray:6, 6;stroke-dashoffset:0;stroke-opacity:1" id="circle4931" cx="2009.2959" cy="1984.1635" rx="222.0569" ry="206.50055" /> <circle style="display:inline;opacity:0.4;fill:#e1dac1;fill-opacity:1;stroke:#26353c;stroke-width:1;stroke-miterlimit:4;stroke-dasharray:6, 6;stroke-dashoffset:0;stroke-opacity:1" id="circle4935-1" cx="1871.6567" cy="1893.3302" r="41.85281" /> </g> </g> </svg> </div> </div> </div> <div class="field--item"> <div class="paragraph paragraph--type--people-reference-course paragraph--view-mode--default" id="paragraph--212"> <h2 class="paragraph-title"> Smith School authors </h2> <div class="field field--name-field-people field--type-entity-reference field--label-hidden field--items"> <div class="field--item"> <article data-history-node-id="258" class="person_listing"> <a href="/person/kaya-axelsson" class="person_listing__wrapper"> <div class="image-wrapper"> <div class="circular" > <img class="image" src="/sites/default/files/styles/square/public/2024-03/kaya-axelsson-headshot.webp?itok=9ljzY0PQ" alt="" /> </div> </div> <div class="person_listing__content"> <div class="content-text"> <h3 class="paragraph-side-title"> Kaya Axelsson </h3> <div class="field field--name-field-job-title field--type-string field--label-hidden field--item">Net Zero Policy Engagement Fellow</div> </div> </div> </a> </article> </div> <div class="field--item"> <article data-history-node-id="711" class="person_listing"> <a href="/person/injy-johnstone" class="person_listing__wrapper"> <div class="image-wrapper"> <div class="circular" > <img class="image" src="/sites/default/files/styles/square/public/2024-07/Injy-Johnstone-headshot.webp?itok=3bGqtV8i" alt="" /> </div> </div> <div class="person_listing__content"> <div class="content-text"> <h3 class="paragraph-side-title"> Injy Johnstone </h3> <div class="field field--name-field-job-title field--type-string field--label-hidden field--item">Research Associate in Net Zero Aligned Offsetting</div> </div> </div> </a> </article> </div> <div class="field--item"> <article data-history-node-id="229" class="person_listing"> <a href="/person/dr-ben-caldecott" class="person_listing__wrapper"> <div class="image-wrapper"> <div class="circular" > <img class="image" src="/sites/default/files/styles/square/public/2024-03/Ben-Caldecott-headshot.webp?itok=lijIND3N" alt="" /> </div> </div> <div class="person_listing__content"> <div class="content-text"> <h3 class="paragraph-side-title"> Dr Ben Caldecott </h3> <div class="field field--name-field-job-title field--type-string field--label-hidden field--item">Director, Oxford Sustainable Finance Group | Lombard Odier Associate Professor & Senior Research Fellow</div> </div> </div> </a> </article> </div> <div class="field--item"> <article data-history-node-id="271" class="person_listing"> <a href="/person/professor-sam-fankhauser" class="person_listing__wrapper"> <div class="image-wrapper"> <div class="circular" > <img class="image" src="/sites/default/files/styles/square/public/2024-07/Sam%20Fankhauser%20headshot.webp?itok=-EYCCLYo" alt="" /> </div> </div> <div class="person_listing__content"> <div class="content-text"> <h3 class="paragraph-side-title"> Professor Sam Fankhauser </h3> <div class="field field--name-field-job-title field--type-string field--label-hidden field--item">Professor of Climate Economics and Policy</div> </div> </div> </a> </article> </div> <div class="field--item"> <article data-history-node-id="204" class="person_listing"> <a href="/person/professor-cameron-hepburn" class="person_listing__wrapper"> <div class="image-wrapper"> <div class="circular" > <img class="image" src="/sites/default/files/styles/square/public/2024-03/cameron-hepburn-headshot.webp?itok=tza7vKQ1" alt="" /> </div> </div> <div class="person_listing__content"> <div class="content-text"> <h3 class="paragraph-side-title"> Professor Cameron Hepburn </h3> <div class="field field--name-field-job-title field--type-string field--label-hidden field--item">Battcock Professor of Environmental Economics</div> </div> </div> </a> </article> </div> <div class="field--item"> <article data-history-node-id="260" class="person_listing"> <a href="/person/dr-radhika-khosla" class="person_listing__wrapper"> <div class="image-wrapper"> <div class="circular" > <img class="image" src="/sites/default/files/styles/square/public/rkhosla.png?itok=Ir3c-wOp" alt="" /> </div> </div> <div class="person_listing__content"> <div class="content-text"> <h3 class="paragraph-side-title"> Dr Radhika Khosla </h3> <div class="field field--name-field-job-title field--type-string field--label-hidden field--item">Associate Professor</div> </div> </div> </a> </article> </div> <div class="field--item"> <article data-history-node-id="268" class="person_listing"> <a href="/person/stephen-lezak" class="person_listing__wrapper"> <div class="image-wrapper"> <div class="circular" > <img class="image" src="/sites/default/files/styles/square/public/2024-02/stephen-Lezak-Headshot.webp?itok=c7sBnviz" alt="" /> </div> </div> <div class="person_listing__content"> <div class="content-text"> <h3 class="paragraph-side-title"> Stephen Lezak </h3> <div class="field field--name-field-job-title field--type-string field--label-hidden field--item">Programme Manager, Sustainable Future of Commodities & Infrastructure</div> </div> </div> </a> </article> </div> <div class="field--item"> <article data-history-node-id="226" class="person_listing"> <a href="/person/dr-steve-smith" class="person_listing__wrapper"> <div class="image-wrapper"> <div class="circular" > <img class="image" src="/sites/default/files/styles/square/public/ssmith.png?itok=aAKbme1E" alt="" /> </div> </div> <div class="person_listing__content"> <div class="content-text"> <h3 class="paragraph-side-title"> Dr Steve Smith </h3> <div class="field field--name-field-job-title field--type-string field--label-hidden field--item">Executive Director, Oxford Net Zero and CO2RE</div> </div> </div> </a> </article> </div> </div> </div> </div> <div class="field--item"> <div class="paragraph paragraph--type--text paragraph--view-mode--default" id="paragraph--712"> <h2 class="paragraph-title"> Authors </h2> <div class="text-long"><ul class="short-list"><li><a href="https://www.oxfordmartin.ox.ac.uk/people/myles-allen/">Professor Myles Allen</a> | Environmental Change Institute, Oxford Net Zero and Oxford Martin School, University of Oxford</li><li><a href="https://www.bsg.ox.ac.uk/people/thomas-hale">Dr Thomas Hale</a> | Oxford Martin School and Blavatnik School of Government, University of Oxford</li><li><a href="https://netzeroclimate.org/netzero_team/dr-conor-hickey/">Dr Conor Hickey</a> | Smith School of Enterprise and the Environment, University of Oxford</li><li><a href="https://netzeroclimate.org/netzero_team/eli-mitchell-larson/">Eli Mitchell-Larson</a> | Environmental Change Institute and Saïd Business School, University of Oxford</li><li><a href title="https://www.geog.ox.ac.uk/staff/ymalhi.html">Professor Yadvinder Malhi</a> | Environmental Change Institute, Leverhulme Centre for Nature Recovery, University of Oxford</li><li><a href="https://www.biology.ox.ac.uk/people/professor-nathalie-seddon">Professor Nathalie Seddon </a>| Nature-based Solutions Initiative, Department of Biology; Smith School of Enterprise and the Environment, University of Oxford</li><li><a href="https://www.naturebasedsolutionsinitiative.org/teams/audrey-wagner/">Audrey Wagner</a> | Nature-based Solutions Initiative, Department of Biology: University of Oxford</li><li><a href="https://www.eci.ox.ac.uk/person/alison-smith">Alison Smith</a> | Environmental Change Institute, University of Oxford  </li><li><p><a href="https://www.eci.ox.ac.uk/person/professor-nick-eyre">Professor Nick Eyre</a> | Environmental Change Institute; Zero-carbon Energy Research Oxford (ZERO)  Institute: University of Oxford</p><p> </p></li></ul></div> </div> </div> </div> </div> <div class="two-col-layout two-col-layout--right"> <div class="page-border"> <svg width="127.38202mm" height="439.77817mm" viewBox="0 0 127.38202 439.77817" version="1.1" id="svg3817" xmlns="http://www.w3.org/2000/svg" xmlns:svg="http://www.w3.org/2000/svg"> <defs id="defs3814" /> <g id="layer1" transform="translate(-102.40378,98.836959)"> <g id="g3797" style="display:inline" transform="matrix(0.26458333,0,0,0.26458333,-354.13405,-519.78147)"> <path style="fill:#ffffff;fill-opacity:0.334862;stroke-width:175.782;image-rendering:optimizeQuality;shape-rendering:geometricPrecision;text-rendering:geometricPrecision" id="path66-68" d="m 2122.438,2445.1258 c -9.7274,4.6623 -21.44,0.5396 -26.1023,-9.1879 -4.6626,-9.7281 -0.5377,-21.4362 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