#Shell sold millions of 'phantom' #CarbonCredits to Canadian oil sands firms - FT
"Shell sold millions of carbon credits tied to CO2 removal that never took place to #Canada's largest oil sands companies, Financial Times reported Sunday, raising new doubts about a technology seen as important in reducing greenhouse gas emissions."
"The draft cites cases where #CarbonCredits have failed to deliver the #climate benefits they tout.
Staff also reviewed evidence showing some schemes sell more carbon credits than the projects can deliver on, or exaggerate the emission reductions they achieve."
The Dubious Business of Trading Carbon and Its Stakes For India’s People and Forests
Tribal communities in the Araku Valley of Andhra Pradesh “signed away” their rights to carbon credits through a local NGO intermediary. Plantations done by the communities on their private land, spread across 6,000 hectares in 333 villages, began generating carbon credits for the French company Livelihood Funds in 2010.
If #CarbonCredits are part of the mechanism for 'encouraging' a #GreenTransition then they need to be expensive enough to lead firms to identify cleaner alternatives.... however, the UK's policy of being free & easy with the provision of CCs has led to yet another drop in price.
Its pretty simple economics, you increase the supply, the price drops... but in this case the consequence is yet more 'legitimate' #emissions & less incentive to change.
Communities play a critical role in REDD+, a forest conservation strategy that aims to reduce emissions that can be sold as credits to raise money for forest protection.
REDD+ projects often include components for the benefit of the communities, such as a focus on alternative livelihoods and provision of health care and education.
The #UAE’s pursuit of #CarbonCredits in #Kenya is leading to mass evictions of indigenous communities. This is not just about the environment; it's about lives being sacrificed for profit.
The carbon market's flaws, including fraudulent accounting, must be exposed. We need to resist this #BloodCarbonScam, raise awareness, and demand justice!
While the world’s biggest polluters dominate the headlines this week at the UN climate summit with an array of sensationalist pledges and announcements, designed mainly to distract us all from a lack of real climate action, one of the biggest scandals of all is taking place right under our noses.
As #COP28 prepares to pave way for massive expansion in the market for #CarbonCredits, campaigners have warned that they now represent “as big a threat to #IndigenousLands as logging and mining.” #IndigenousRights org #SurvivalInternational said: “COP28 could be the “Blood Carbon COP”, when governments, big business & conservation NGOs work together to boost the carbon credits market, rather than seriously address real causes of the #ClimateCrisis.
“He told us from the beginning we are coming here to exploit your resources.”
‘Riot got national attention when it got $31.7 million in energy credits in August 2023 for not mining bitcoins. That money came out of ordinary Texans’ pockets. Welcome to the future of bitcoin mining.’ #USPol
Environmentalists have criticized Indonesia’s carbon trading mechanism, which had its first day of trading Sept. 26.
The government touts the mechanism as a way to curb emissions and attract climate funding, but critics call carbon trading a false solution to climate change and a greenwashing attempt.
78% of all the largest #carbon offset schemes are useless, do nothing, according to the Guardian and Corporate Accountability.
These 'green' programmes (from wind farms to reforestation), that industries and businesses invest, thus 'buying' the right to emit carbon do not reduce overall greenhouse gas emissions at all.
If we're serious about cutting #emissions#CarbonCredits must be tied to new and permanent emissions-reducing activities.
More evidence that we can't carbon credit our way out of the climate crisis: "At the heart of carbon markets is what is seen by many as the flawed notion that avoiding or reducing emissions in one place can make up for ongoing emissions elsewhere."
The Guardian finds that of 50 projects (343m credits), 39 were junk, 8 potentially junk, and 3 didn't have enough information to determine if they were junk.
#ClimateChange#AirTravel#CarbonOffsets#CarbonCredits#Greenwashing: "A popular category of carbon offsets held by a number of major publicly traded companies is significantly more prone to greenwashing than previously feared, according to a new investigation of the financial instruments.
The conclusion is based on work done by a team of 14 researchers in association with the University of California, Berkeley’s Goldman School of Public Policy. The study looked at so-called REDD+ credits, which represent roughly a quarter of carbon offsets issued globally.
“Many of the researchers have been studying carbon-offset quality for many years, and even we were surprised,” Barbara Haya, director at the Berkeley Carbon Trading Project and the lead researcher behind the report, said in an interview. “We found problems under every stone we turned.”"
"Among the sharpened criteria, companies should
– establish the key performance indicators (KPIs) to measure the delivery of their climate transition plan.
– disclose annually their progress on delivery of their netZero strategy.
– show how executive pay aligns with the delivery of interim targets and transition plans.
#CarbonCredits should not be counted towards science-based interim #emission reduction targets."
The great global land grab (pina.com.fj)
While the world’s biggest polluters dominate the headlines this week at the UN climate summit with an array of sensationalist pledges and announcements, designed mainly to distract us all from a lack of real climate action, one of the biggest scandals of all is taking place right under our noses.