Voluntary carbon offsets
Mitigating hard-to-abate emissions.
We believe that voluntary carbon offsets are likely necessary to mitigate residual, hard-to-abate emissions. We continue to monitor the progress of the Integrity Council for the Voluntary Carbon Market, an independent governance body that aims to set a global standard for high integrity, and their Core Carbon Principles. In 2024, we aligned our guidelines for company participation in the voluntary carbon market with these principles and continue to strengthen our due diligence efforts regarding developer experience, technical requirements and rigor as well as stakeholder engagements that support local communities. Our commitments also include an investment in Climate Asset Management’s Nature Based Carbon Fund and multiple technology projects including offsets from plugging orphan wells.
California’s Voluntary Carbon Market Disclosure
Please refer to our published 2024 Sustainability Report and the following web pages for information regarding our emission reduction efforts:
- Managing climate-related risk
- Performance metrics and assurance
- Scope 1 and Scope 2 emissions reduction activities
In accordance with California’s Voluntary Carbon Market Disclosure Act (AB 1305): On November 22, 2024, ConocoPhillips acquired Marathon Oil. Prior to the close, Marathon Oil voluntarily retired carbon offsets and renewable energy credits (RECs) in 2024.
Marathon Oil Corporation 2024 Voluntary Carbon Offset Retirements
| Name of Seller | registry | project name | project id number | site location | project type | protocol | third party verifier | claim |
|---|---|---|---|---|---|---|---|---|
| Everland LLC | Verra's Voluntary Carbon Standard (VCS) | The Mai Ndombe REDD+ Project | 934 | Democratic Republic of the Congo | Reduced emissions from deforestation and reduced forest degradation (REDD) Avoided emissions |
VCS's VM009, Methodology for Avoided Ecosystem Conversion, v2.0 CCB Standard v2.0 |
Earthood Services Pvt. Ltd | Reduction of company emissions |
| Grassroots Carbon Public Benefit, LLC | Nature's Registry | Grassroots Carbon North American Regenerative Grazing Project | GRC_001 through GRC_006, GRC_009, GRC_11, | Texas, Colorado, Kansas, USA | Regenerative soil organic carbon Removed emissions |
Regenerative Standard, SOC 1.1 | EarthOptics | Reduction of company emissions |
| Ontario Power | M-RETS | Sir Adam Beck III Generating Stations | M3694 M3721 M3772 |
Ontario, Canada | Renewable Energy Credit - voluntary retirement Avoided emissions |
M-RETS | n/a | For environmental benefit |