Faulty Credits Tarnish Billion-Dollar Carbon Offset Seller (It was a scam, who knew)

Yahoo Finance.com ^ | 3/24/2023 | Ben Elgin, Alastair Marsh and Max de Haldevang

[Beave Meister]

But the claims underpinning South Pole’s success have been losing ground like the ice underfoot that day two summers ago. The company’s biggest moneymaker is a mega-project in Zimbabwe called Kariba, which South Pole claimed has prevented the annihilation of a forest nearly the size of Puerto Rico. That’s South Pole’s business model: help finance projects that can credibly counteract rising levels of greenhouse gas, such as by stopping deforestation, and then sell the resulting credit to corporate clients who want to compensate for their own planet-warming pollution.

Yet according to several outside experts and South Pole’s own analysis, the firm and its partner ended up vastly overestimating the extent of the preservation by Kariba. As a result, Gucci, Nestle, McKinsey and other South Pole clients have — unwittingly — overstated their own progress in combating climate change, because the Kariba credits they bought haven’t generated enough real atmospheric benefit. (South Pole says the credits are legitimate and will still benefit the climate.)

[Beave Meister]

This is outrageous, I had no idea this industry is this corrupt. Al Galor please pick up the red phone in the lobby.

I think it would be safer to play cards over the phone with a Nigerian...

[Steely Tom]

Like most of the “environmental movement.”

Emphasis on “mental.”

[ProtectOurFreedom]

Wind, Solar, and Climate Change are a massive scam. Everybody knows that except for the scammers, the climate “researchers,” foolish venture capitalists, and every government on earth.

[Beave Meister]

Yeah, it’s a scam...

https://www.frontpagemag.com/worlds-biggest-seller-of-carbon-offsets-accused-of-being-a-scam/

[drSteve78]

I have bucketsful of fresh air to sell.

[HartleyMBaldwin]

I pledge not to cut down 20,000 square miles of rainforest. That means I can sell a crapload of carbon credits now. Cash only, no checks. PM me for the best deals, but hurry!

[DrGunsforHands]

That was a fantastic short story:
“A Pail of Air”
https://www.gutenberg.org/files/51461/51461-h/51461-h.htm

[drSteve78]

Strange and interesting read. Timely.

[Organic Panic]

Gee. Corrupt African s holes run by corrupt Africans?

SHOCKED

[drSteve78]

run by corrupt Africans?

Naah, just clever Nigerians scamming Virtue Signaling Idiots, Otherwise known as Environmental Sheeple.

[drSteve78]

To be fair, if you’re inclined to plant a tree, while asking forgiveness from Mother Earth, then plant a tree. But use no bottled water, no toilet tissue, eat with sticks, in fact eat nothing that you haven’t grown yourself. Then i will acknowledge that you’re not a hypocrite.

But rinsing out a metal can and peeling off paper label, using a gallon of hot water so you can feel virtuous about recycling, when you live in a state with drought issues, don’t expect me to think well of you.

[wjcsux]

Later.

[Reeses]

Emphasis on “mental.”

The envi motive is also significant. In time, envi-mental turns into hate-mental, then murder-mental.

[SunkenCiv]

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