Interesting article yesterday in the Financial Times regarding the ole Carbon Credits debacle. Looks like this whole "carbon credits" nightmare is looking pretty sketchy. This whole scheme reminds me of the Catholic Indulgences payment for sin scam!
The FT investigation found:
- Widespread instances of people and organisations buying worthless credits that do not yield any reductions in carbon emissions.
- Industrial companies profiting from doing very little – or from gaining carbon credits on the basis of efficiency gains from which they have already benefited substantially.
- Brokers providing services of questionable or no value.
- A shortage of verification, making it difficult for buyers to assess the true value of carbon credits.
- Companies and individuals being charged over the odds for the private purchase of European Union carbon permits that have plummeted in value because they do not result in emissions cuts.
Where is Al Gore screaming about this? Why is it that people think they can always "buy" an excuse for their hypocritical behavior?
Interesting read but wholly not surprising.
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