The growing Amazon influence over the carbon credit market does raise some concern, especially against the backdrop of the $10 billion Bezos Earth Fund and ambitions of Big Tech to meet strict climate objectives. The Bezos Earth Fund, which Jeff Bezos chairs with his fiancée Lauren Sánchez, is a major supporter of the SBTi, Science Based Targets initiative, a voluntary setter of climate objectives for corporations such as Apple and H&M. SBTi is now re-evaluating its position on carbon offsets, a move that could dramatically shift how large technology companies manage their carbon emissions at a time when appetite for data centers is about to increase explosively due to the growth of AI.

It’s worth noting that Amazon is still building its Climate Pledge, which has been signed by over 500 companies-including Microsoft, IBM, and Uber. By contrast, the pledge allows carbon credits for a wider range of uses than SBTi’s more stringent limits. Experts and campaigners fear that Amazon and the Bezos Earth Fund could influence SBTi policy. They are worried that large financial input from the fund would lead to SBTi relaxing its stance on issues like the veracity of corporate “net zero” claims.

Among the many complaints on conflict-of-interest grounds that have been filed against SBTi, despite Amazon’s claims that it runs independently of the Bezos Earth Fund, one was with the UK Charity Commission. The Charity Commission has provided several recommendations aimed at enhancing SBTi’s governance to navigate these issues.

The SBTi is funded by a suite of grant-making institutions, all aligned with the corporate world, including the Ikea Foundation and Bloomberg Philanthropies. But the fight over its future could be an important fork in the road for corporate climate action – especially since many companies are chafing at the current rule imposed by SBTi that no more than 10% of emissions can be offset using carbon credits. This year, for example, SBTi booted Amazon and Microsoft off of its list of companies that had properly transitioned to “net zero” in the last 12 months.

The Bezos Earth Fund’s funding of the Greenhouse Gas Protocol’s review of its offset policy is one way the company can move the needle on the carbon accounting rules. Critics argue that if large polluters like Amazon could alter the rules on offsets, they would push for inexpensive, less effective solutions.

Instead, the pledge lets members decide how much to cut emissions versus offsetting, working toward the goal of “net zero” under the Paris Agreement by 2040. Amazon helped form the Abacus market label that gives carbon credit quality a grade.

Though some agree that highly motivated employees are what make a high-performance firm, they also warn that the emphasis large businesses are putting on offsets and other “human capital factors” may diminish the actual effect of climate action.

Despite the largesse handed out, the Bezos Earth Fund proclaims all of its endeavors are in the best interest of the public. However, the implications it has had regarding SBTi’s policies, more so those dealing with carbon credits, have remained very contentious. SBTi’s CEO, Luiz Amaral, quit, citing personal reasons, as a result of ongoing disputes regarding the manner in which the company should proceed. This will likely make a great impact on the commitment of businesses to climate policies and their ability to use carbon credits to achieve these commitments.