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TORONTO — Banks know a growth market when they see it, and they're increasingly seeing one in the buying, selling and generating of carbon offsets.
"In terms of what's happened in the last 12 to 18 months, I think, really is this mainstreaming of carbon markets," said Andrew Hall, managing director of TD’s new carbon markets advisory unit.
The taskforce, however, became a focal point for long-standing criticism on offsets generally, with critics arguing both that the concept itself is a dangerous distraction from companies actually reducing their emissions, and that the way offset projects are actually assessed and carbon credits tallied is highly flawed.
“We're going to be very intentional on who we transact with, and we're going to be dedicated to making sure we're using different registries that are best in class,” said Amy West, TD’s global head of ESG solutions. The NCC said it accounts for these problems by setting aside portions of the credit, along with setting aside more for the potential that the forest burns, which is an increasing problem as climate change effects accelerate.“It basically legitimates and licenses the continued extraction of fossil fuels,” said Kate Ervine, associate professor in Global Development Studies at Saint Mary’s University.
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