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Discover LudwigThe phrase "are offsetting" is correct and usable in written English.
It can be used when discussing actions or factors that counterbalance or mitigate something else.
Example: "The gains from our investments are offsetting the losses we incurred last quarter."
Alternatives: "are counterbalancing" or "are balancing out".
Dictionary
Exact(44)
The organisers are offsetting the emissions.
New overseas customers are offsetting slower growth in America, the broadcaster's biggest market.
But financial firms can borrow cheap and largely avoid margins because their positions are offsetting.
Some employers are offsetting their lower insurance premiums by contributing some money into workers' savings plans.
And it is the opposite of Florida, where Democratic-leaning Latino immigrants are offsetting the influence of Republican-leaning whites.
Nowadays, Scandinavians are offsetting a shrinking number of visitors from the countries that share the rapidly declining euro.
Similar(16)
Spectra are offset for clarity.
But alarms are offset by pleasure.
These emissions are offset through the Government Carbon Offset Fund.
For clarity, signals are offset vertically.
Spectra are offset vertically for clarity.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com