Thursday, April 26, 2007

This Scam Was Forseen

As the wealthy and various companies seek to buy their way to carbon neutrality, thus proving their concern for the welfare of the planet and improving their status among the worshipers of the Goracle, the Financial Times has conducted an investigation of organizations that peddle 'ecological indulgences," as Charles Krauthammer calls them. These organizations have been found wanting, succeeding only in cashing in on the consciences of the rich in a lucrative green "gold mine." This whole scam was forseen by Krauthammer, who described some of the practices of carbon offsetting companies.

Here are some of the Financial Times findings:

■ 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.

The FT article mentions how some companies are working on their own in-house carbon offsetting, rather than trusting a separate entity to wash away their globally wasteful and polluting sins. This would make more sense, as concern for the environment should be personal and not shoved off to some profiteering third party.

1 comment:

Gerry said...

Great detective work! Good for you for exposing this oh-so-predictable scandal.
Gerry