The only way to fully achieve the agreed Net Zero by 2050 target is to balance the production of Greenhouse Gas (GHG) emissions with their removal from the atmosphere. This is because even if the global population does all it can to reduce its carbon footprint, emissions of CO2, Methane, etc. will still happen.
The current commercial method of compensating for our emissions is called offsetting. This is where one party emitting a specific amount pays another party to do something that removes that same amount of GHGs from the atmosphere. Most carbon offsetting projects involve the long-term planting of additional trees, which naturally convert carbon dioxide (CO2) and water (H2O) from the air and soil as part of photosynthesis. Carbon offsetting has been subject to a lot of criticism, in that it does not change the behaviour of those that emit GHGs (as they can simply pay their way of trouble) and that many offsetting schemes are ineffective or double count & overestimate their value.
Therefore guidelines such as The Oxford Principles for Net Zero Aligned Carbon Offsetting have been produced:
https://www.smithschool.ox.ac.uk/sites/default/files/2022-01/Oxford-Offsetting-Principles-2020.pdf
This document helps to outline how offsetting needs to be approached to ensure it helps achieve a Net Zero society, including the need for Clear retrospective emissions data and the requirement to disclose current emissions, accounting practices and targets to reach Net Zero often categorised according to the Greenhouse Gas Protocol framework for reporting emissions data.
But we cannot completely offset our way out of climate change, especially as there may not be enough forest space to handle all the offsetting needed. But also becuase trees need time to plant & grow, whilst cutting emissions has immediate results.
As The Paris Agreement states “Climate change is a global emergency that goes beyond national borders. It is an issue that requires coordinated solutions at all levels and international cooperation to help countries move toward a low-carbon economy.”
Therefore a balanced and data-driven approach to Net Zero is needed. One that uses comparable and standardised data sets regardless of the country, sector or data collection & storage method used.