Oregon is planning to raise money to help run a state forest by limiting tree harvesting and getting businesses around the world to pay for the climate benefits.
Oregon’s unconventional and controversial strategy aims to raise $1 million a year from businesses that aim to offset their own emissions by paying for other organizations’ climate projects.
The deal would occur through an unregulated international carbon market that businesses such as airlines use to fund projects that help them meet their own climate goals, appeal to consumers and shareholders, and potentially avert regulation.
But the market has faced increasing questions over whether businesses are actually reducing planet-warming emissions or are “greenwashing” by funding projects that would have been done anyway.