Oil spill

The report argues that fossil fuel supermajors use the voluntary carbon market (VCM) as a strategic pillar to maintain a green image while continuing carbon-intensive operations. It details how these companies and trade associations like IETA and API lobby for weaker credit quality standards and increased flexibility in offsetting Scope 3 emissions. The document specifically critiques the governance of the Integrity Council for the Voluntary Carbon Market (ICVCM) and the Voluntary Carbon Markets Integrity Initiative (VCMI), alleging that the inclusion of industry representatives in decision-making roles creates significant conflicts of interest that risk diluting integrity standards.

• Major oil and gas companies use carbon credits to create a misleading image of climate progress while continuing to prioritize fossil fuel production in their capital expenditure and long-term planning.
• Oil and gas companies are among the largest buyers of carbon credits; Shell specifically has been the largest corporate buyer for three consecutive years, retiring 17.3 million credits in 2024.
• Fossil fuel companies exert influence over climate policy through a network of trade associations, many of which are classified as 'oppositional' to Paris-aligned engagement.
• The International Emissions Trading Association (IETA) has lobbied for weaker carbon credit quality rules, specifically arguing against financial additionality as a sole requirement for assessing credits.
• The Integrity Council for the Voluntary Carbon Market (ICVCM) has allowed representatives from fossil fuel companies and carbon standards to hold seats on its Governing Board, which the report describes as a conflict of interest.
• The Voluntary Carbon Markets Integrity Initiative (VCMI) developed a Scope 3 Action Code of Practice that allows companies to use carbon credits to address Scope 3 emissions, which critics argue enables greenwashing.
• The American Petroleum Institute (API) has lobbied VCMI to classify the oil and gas sector as 'hard-to-abate' to justify continued reliance on fossil fuel sales and expanded use of carbon credits.
• Carbonext, a project developer in which Shell holds a minority stake, lobbied VCMI against sectoral alignment requirements that would have limited the types of credits fossil fuel companies could use.

APA

Wyburd, I., Mair, G., & Sabio, N. R. (2026). Oil spill. Carbon Market Watch. https://carbonmarketwatch.org/wp-content/uploads/2026/03/02-2026_Oil-spill_-How-fossil-fuel-interests-are-seeping-into-the-voluntary-carbon-market-rulebook.pdf

Chicago

Wyburd, Inigo, Gavin Mair, and Noemí Rodrigo Sabio. Oil spill. Carbon Market Watch, 2026. https://carbonmarketwatch.org/wp-content/uploads/2026/03/02-2026_Oil-spill_-How-fossil-fuel-interests-are-seeping-into-the-voluntary-carbon-market-rulebook.pdf.

Wikipedia

{{cite report |last1=Wyburd |first1=Inigo |last2=Mair |first2=Gavin |last3=Sabio |first3=Noemí Rodrigo |title=Oil spill |publisher=Carbon Market Watch |date=February 2026 |url=https://carbonmarketwatch.org/wp-content/uploads/2026/03/02-2026_Oil-spill_-How-fossil-fuel-interests-are-seeping-into-the-voluntary-carbon-market-rulebook.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{wyburd2026oil, author = {Wyburd, Inigo and Mair, Gavin and Sabio, Noemí Rodrigo}, title = {{Oil spill}}, institution = {Carbon Market Watch}, year = {2026}, month = feb, url = {https://carbonmarketwatch.org/wp-content/uploads/2026/03/02-2026_Oil-spill_-How-fossil-fuel-interests-are-seeping-into-the-voluntary-carbon-market-rulebook.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }