Carbon Markets Just Had Their Most Important Moment in Years

For much of the past decade, carbon credits have suffered from a credibility problem. Critics called them greenwashing, environmental groups questioned their effectiveness, and a series of poorly designed projects damaged confidence in the entire market. As a result, carbon credits found themselves in an uncomfortable position: too important to abandon, yet too controversial to fully embrace. That is why a seemingly technical announcement from Hess Corporation deserves far more attention than it has received. The U.S. energy company has now retired…