The temptation of Carbon Offsets, Cap and Trade, Carbon Tax and ESG for gaming and/or fraud.
The emission accounting systems are all flawed.
Essentially, this is a perfect example of the temptation of Carbon Offsets, Cap and Trade, Carbon Tax and ESG gaming and/or fraud. Until we actually measure and verify, the accounting for all emissions, social, and governance activities is just a work of fiction.
In June, the U.S. Commod-ity Futures Trading Commission said it was looking at the quality of carbon credits and the growth of the market. “Concerns about transparency, credibility, and greenwashing may hamper the integrity and growth of these markets,” CFTC Commissioner Christy Goldsmith Romero said in a speech.
United Airlines’ Chief Executive Scott Kirby is among critics of voluntary carbon offsets, charging that they allow buyers to tout their emissions reductions while failing to take effective action to limit climate change. He calls these credits “borderline fraud” that allow CEOs to “pretend that they’ve done the right thing for sustainability when they haven’t made one whit of difference in the real world.”
Nearly $2 billion was spent last year on credits meant to offset companies’ carbon footprints. But many of these deals do little to neutralize greenhouse gases. https://www.wsj.com/articles/renewables-carbon-credits-do-not-cut-emissions-united-nations-verra-gold-standard-11662644900?st=qfh4ryn86yrb5zu&reflink=article_imessage_share