AMZN - Amazon Sidesteps Jeff Bezos-Backed Carbon Offset Standard Throws Hands Behind New Framework | Benzinga
In a bold move, Amazon.com Inc. (NASDAQ:AMZN) has chosen to bypass the global standard for verifying carbon offsets, instead supporting the development of a new standard. This strategy is seen as a significant step towards achieving its goal of zero net greenhouse gas emissions by 2040.
What Happened: Amazon is backing the creation of a new standard called Abacus, developed in collaboration with carbon registry Verra. This new standard is being viewed as an alternative to the Integrity Council for the Voluntary Carbon Market (ICVCM) standard, the world’s largest private sector and environmental group consortium for validating carbon offsets.
Amazon founder and executive chair, Jeff Bezos, is one of ICVCM’s biggest donors through his $10-billion Earth Fund. However, it remains unclear whether Bezos played a role in Amazon’s decision to sidestep the ICVCM standard.
While this move by ...