Sliced: Offsetting My 2023 Carbon Emissions

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By: Jay Tipton (Head, Climate Finance and Business Development)

Perspectives on entering a new year range from optimistic to pessimistic. For some, January 1 signifies a chance for a fresh start and an opportunity to recalibrate, while others perceive it as an annoyance or just another ordinary day.

I align with the more positive viewpoint. I find joy in observing those around me as they take the time to contemplate how they want the upcoming year to unfold. A sense of optimism can be felt in the air.

However, before we fully focus on the possibilities of 2024, it’s essential to reconcile with our past in 2023. For me personally, that has to do with my carbon footprint.

We work with companies who are trying to impact climate change and protect the environment in one way or another. Part of that involves extensive work in carbon markets and carbon offsets. We advise our clients on how best to engage with the markets, counsel on developing carbon projects, build carbon portfolios, and design impact investment portfolios.

As an ardent environmentalist, I believe it is important for us to walk-the-walk, and not just talk-the-talk. So, for the past few years, I have purchased carbon credits to offset my own annual carbon emissions, aka carbon footprint. However, before I could offset my 2023 life, I first needed to calculate my emissions.  

Generally speaking, I should have a rather low carbon footprint. I’m vegetarian. I don’t own a car and instead use public transportation or a bike for my daily commute. I rarely buy new clothing, opting to tailor something numerous times before eventually recycling it. I air dry my clothes and try my best to use heating and A/C as infrequently as possible.

Taking all of that into consideration, according to Footprint Calculator by Global Footprint Network, my annual carbon footprint is 8.3 tonnes of CO2 per year. Despite my generally eco-friendly lifestyle, that amount is high. The big culprit impacting my footprint is flying.

In 2023, I took 18 separate flights. The vast majority were around Europe. I also flew two international flights between Europe and the States. Some flights were for business while most were for pleasure.

Various websites are available to calculate key travel metrics such as distance flown, flight duration, and CO2 emissions. I used a combination of Air Miles Calculator, IATA CO2 Connect, and myclimate. For all metrics, I rounded up or used the higher data listed, if the numbers conflicted across the different websites.

My 2023 air travel shook out like this:  

• Total Distance = 26,875 km
• Total CO2 Emissions = 7.01 tonnes
• Total Duration = 53 hours

Of my 8.3 tonnes of total CO2 emissions for last year, 7.01 came exclusively from flying. Not great…

To address my carbon footprint, I decided to use one of the tools available to me – purchase carbon credits to offset my emissions.

For an individual purchaser, limited markets are available to purchase offsets. For the past few years, I’ve used Cool Effect. The company provides a selection of carbon projects for consideration, with key project information such as location, project type, and carbon standard, along with assessments on additionality and permanence. I chose the project Seeing the Forest for the Trees, which is an Improved Forestry Management (IFM) project in Mexico working with local residents to preserve and grow the biomass in their standing forests instead of cutting down the trees for profit or agriculture. Then I entered the amount of tonnes I wanted to purchase (I rounded up to 9). The total was $138.42 ($15.38/tonne).

(For those who want a slightly simpler process than what I undertook, Cool Effect offers a convenient tool to assist buyers in calculating their travel emissions on their home page.)

Although purchasing carbon credits to offset our lifestyles might not be the approved approach by some, we should aim to focus on the intention behind the act. On an individual level, our power is limited to make the changes necessary in the fight against the climate crisis, oftentimes restrained by our location and economic situation.

For those who can do so, purchasing high-quality carbon credits is a way to assume some responsibility for our actions. The money generated from the credit sales can help local communities, protect flora and fauna, create jobs, and generate additional income, among other positive co-benefits.

I acknowledge that simply buying carbon offsets doesn’t absolve me of my environmental responsibilities. Real improvement requires making practical changes to things I can control. So, in 2024, I commit to actively reducing my carbon footprint by taking 6 fewer domestic flights.

Before putting 2023 completely in the rearview mirror, I encourage others to reflect on the year and find a course of action to help. The opportunity is still there. Every dollar adds up.

And, if you want to discuss carbon offsets, our door is always open.

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