Amid the negative news of 2020, one bright spot was the rise in ESG statements and strategies among industrial companies, and in particular, the oil industry. While it was once a rarity to see an E&P company commit to reduce its carbon impact, now it is far more widespread. This trend has only just begun. More companies are measuring their carbon emissions, managing their operations more sustainably and reporting on these metrics.
2020 also appears to have been a turning point for carbon offsets. Each offset represents the reduction or removal of one metric ton of carbon dioxide equivalent from the atmosphere, spanning projects across the globe, from forestry to renewable energy to energy efficiency. The clamor for offsets has grown so loud that demand is very likely to outstrip supply in the next five years, especially for offsets generated in the US.
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