Recently, we shared our concerns about the carbon exchange scam, as discussed at this year's United Nations Permanent Forum on Indigenous Issues. Relatedly, an analysis by Corporate Accountability, a non-profit, transnational corporate watchdog, reveals that major corporations,
including Delta, Gucci, ExxonMobil, and others, have invested in fundamentally flawed and likely ineffective carbon offset projects. These projects, branded as "likely junk," undermine claims of emission reductions. The study indicates that over a third of the carbon credits purchased by 33 of the top 50 corporate buyers are worthless, suggesting exaggerated claims of carbon neutrality.
The analysis highlights significant investments in these flawed projects by oil and gas majors, airlines, automakers, and other industries. For instance, nearly half of ExxonMobil’s and Delta's purchased credits are from projects deemed "junk." Despite some companies moving away from offsets due to increasing evidence of their ineffectiveness, the voluntary carbon market remains valued at $2-3 billion.
Critics argue that carbon trading delays necessary transitions from fossil fuels and often causes environmental and social harm. The findings stress the need for genuine emission reductions and over-reliance on carbon offsets, often used to mask ongoing pollution. Read the complete article here.
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