chasing carbon unicorns: The Deception Of Carbon Markets and “Net Zero”

The document critiques the concept of "net zero," distinguishing between "real zero" (immediate deep emission cuts) and "fake zero" (reliance on offsets). It asserts that carbon offsets do not reduce atmospheric CO2 concentrations and that the land required to meet corporate offset demands would be ecologically and socially catastrophic. The report specifically highlights the role of the financial sector and fossil fuel majors in rehabilitating voluntary carbon markets to maintain business-as-usual operations.

• The report distinguishes between "real zero" and "fake zero" strategies, stating that fake zero relies on offsets to maintain current emission levels, whereas real zero requires emissions to be reduced to zero or as close as possible.
• Carbon offsets are described as ineffective for reducing atmospheric CO2 concentrations and are used as a "smokescreen" to hide inaction and the responsibility of elites and corporations.
• The document argues that fossil carbon emissions cannot be physically compensated for by natural ecosystems because the fossil carbon cycle operates on geological time scales, unlike the active carbon cycle.
• The Taskforce on Scaling Voluntary Carbon Markets (TSVCM), led by financial sector figures, aims to standardize and expand voluntary offset markets to meet booming corporate demand.
• The land area required to sequester just 2 Gt CO2 per year through ecosystem restoration is estimated at 678 million hectares, which is approximately twice the size of India.
• Major fossil fuel companies like Shell, Eni, and Total are accused of using "nature-based solutions" to greenwash their continued exploration and production of fossil fuels.
• The report identifies "carbon unicorns" as untested or uncertain geoengineering technologies, such as BECCS and DACCS, which are promoted as future solutions to avoid eliminating fossil fuel burning.
• The expansion of carbon offset markets is linked to "climate colonialism," leading to land grabbing and the violation of the rights of Indigenous Peoples, peasants, and local communities.
• National "net zero" targets are criticized as "accounting tricks" that merge industrial emission reductions with land-sector removals, obscuring whether a government is pursuing a real or fake zero strategy.

APA

Stabinsky, D., Bhatnagar, D., & Shaw, S. (2021). chasing carbon unicorns: The Deception Of Carbon Markets and “Net Zero”. Friends of the Earth International. https://www.foei.org/wp-content/uploads/2021/04/Friends-of-the-earth-international-carbon-unicorns-english.pdf

Chicago

Stabinsky, Doreen, Dipti Bhatnagar, and Sara Shaw. chasing carbon unicorns: The Deception Of Carbon Markets and “Net Zero”. Friends of the Earth International, 2021. https://www.foei.org/wp-content/uploads/2021/04/Friends-of-the-earth-international-carbon-unicorns-english.pdf.

Wikipedia

{{cite report |last1=Stabinsky |first1=Doreen |last2=Bhatnagar |first2=Dipti |last3=Shaw |first3=Sara |title=chasing carbon unicorns: The Deception Of Carbon Markets and “Net Zero” |publisher=Friends of the Earth International |date=February 2021 |url=https://www.foei.org/wp-content/uploads/2021/04/Friends-of-the-earth-international-carbon-unicorns-english.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{stabinsky2021chasing, author = {Stabinsky, Doreen and Bhatnagar, Dipti and Shaw, Sara}, title = {{chasing carbon unicorns: The Deception Of Carbon Markets and “Net Zero”}}, institution = {Friends of the Earth International}, year = {2021}, month = feb, url = {https://www.foei.org/wp-content/uploads/2021/04/Friends-of-the-earth-international-carbon-unicorns-english.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }