Sure, but the reasons offsets are dodgy is because they actually aren't fungible in the way you're hoping for.

Say a paper maker is about to cut down a forest in the US. It buys up the rights to do so for $1M. Then, instead, it sells $1M worth of carbon credits to Amazon (maybe for a premium) for its data center greenwashing and doesn't end up cutting the US forest.

But then, secretly, or through some shell company machinery, it buys a plot of land in the Amazon and cuts trees down anyway to match its demand. Even though US law makers evaluate the counterfactual of the paper maker cutting trees down in the US, the net amount of trees in the world goes down.

Doesn't have to be that complicated to be dodgy. A bunch of carbon offset works on optimistic to downright stupid metrics for carbon capture.

For example they buy a plot of land and then raze it, then they will plant 10k saplings and take that figure at face value even if most of those won't take and actually become trees.

Then they will estimate the CO2 captured by averaging it over the entire life of the tree (say 30 years) and count year 1 as if it captured 1/30 of the CO2 even though the carbon capture potential of tree is not constant throughout its life.

Beyond that they will double count the carbon credits of the plot of land by selling them twice.

Finally after all the above, they will sell the plots after ~5 years to buy some other plots and it will be razed anyway. No one actually checks that the carbon capture forest will be there in 10 years, let alone 30.

I know that you are just trying to make a point, but just to be clear: no paper maker in US is importing Amazon trees to make paper out of them. That would be exceedingly idiotic from profit-making perspective.