Comparative Analysis of Carbon Emission Offsets Across International Offset Programs from 2015 to 2022

Carbon dioxide (CO2) is the dominant gas contributing to global climate change through the greenhouse effect mechanism. To mitigate the impacts of climate change, CO2 emissions must be controlled. One of the programs for controlling CO2 emissions is the carbon offset program. The purpose of carbon offsetting is to create a balance between emissions produced and emissions reduced or removed. Over the last decade, numerous global carbons offset programs have emerged. However, despite extensive research on individual programs, a comprehensive comparative analysis is limited. This study aims to address this gap by analyzing carbon offset programs across various international mechanisms from 2015 to 2022. The data for this research were obtained from 17 government agencies, international organizations, research institutions, and market platforms. This research is divided into three stages: collecting data, tabulating data, and analyzing and interpreting data. The results show an increase in the number of international offset programs. Moreover, the carbon credit program successfully reduced 2.4 million MtCO2e emissions in the atmosphere. International carbon offset programs display a wide range of commitments and results: China's offsets have increased dramatically, while Kazakhstan and Sri Lanka are having difficulties with commitment and investment, Australia's efforts have remained steady despite a brief decline, Canada has shown strong growth, the U.S. has shown variability, and European nations have varied degrees of engagement. The disparity in carbon offsetting around the globe emphasizes how effective climate change mitigation requires coordinated policies, common tactics, and group effort. In conclusion, this study offers a comparative evaluation of worldwide carbon offset programs. Policymakers, stakeholders, and market participants will benefit from the insights of this study to improve current programs.