Yes it's how apple, amazon, google, microsoft, major airlines, etc. get to boldly claim they're carbon neutral or on track for it

They'll throw cheap change at an offset company promising to protect land that had little to no threat against it in the first place, then saying they reduced the tonnes of CO2 that would've happened if every square inch of that land was wholly logged and harvested

A lot of the time these offset companies are carbon positive. Like, they'll pay a logging company to sign an optionally renewable contract agreeing they'll keep away from a particular forest for a year or some shit... so the logging company uses the money they got to expand operations somewhere else in that time