Biodiversity Offsetting
The promise to offset biodiversity destruction opens the door for corporations to obtain funding and access land which would otherwise be off limits for large-scale destruction. Promises to recreate or protect habitat of "equivalent" ecological value elsewhere is even opening up protected areas and World Heritage Sites to corporate destruction. Biodiversity offsets therefore create double destruction and exploitation, since corporations control both the territories affected by industrial activities as well as those targeted for offset projects.
The false idea that industrial plantations are a solution to the climate crisis is a golden opportunity for investment funds like Arbaro, which access scarce climate funding for expanding destructive monocultures.
Australian company Base Resources was allowed to destroy the Mikea Forest as long as it established an offset project, which, in turn, would impose far-reaching restrictions on communities to access their land and forests.
Oil giants Eni and Shell have both recently announced plans to use trees to offset some of their ever increasing carbon emissions. On May 13th, NGOs put out a statement opposing the oil industry’s attempts to avoid its responsibility for climate breakdown.
A field report by WRM and Re:Common. Available in Malagasy.