‘Reform or go out of business,’ carbon offsetting industry told

An Extinction Rebellion protest at Lloyd’s of London earlier this year as part of a campaign to encourage insurers not to cover new carbon-related projects. Photograph: Guy Bell/Shutterstock

The carbon-credit market must reform or “go out of business”, leading scientists have concluded in an international review of the offsetting industry.

The market for carbon offsets shrank dramatically last year after a series of scientific and media reports found many offsetting schemes had little environmental impact.