This paper investigates corporate motivations for investing in voluntary carbon offset (VCO) projects and how these motivations influence the valuation of local co-benefits. Using a mixed-methods analysis of 186 companies and 534 projects in 2017, the study identifies three primary motivations: carbon management and efficiency, market competitiveness, and company values. Companies driven by values and market competitiveness showed a preference for high-cost projects with significant local co-benefits, while those focused on carbon management prioritized lower-cost projects, particularly renewable energy. The findings highlight contrasting trends in offset investment based on pricing signals and the importance of co-benefits in corporate decision-making.
