"Carbon Credits" Turning Out to be Fraudulent

The Financial Times did a little checking on the burgeoning business of "carbon credits or offsets". The results showed that some of it is pure bunk, or possible bunco:

Companies and individuals rushing to go green have been spending millions on “carbon credit” projects that yield few if any environmental benefits.

A Financial Times investigation has uncovered widespread failings in the new markets for greenhouse gases, suggesting some organisations are paying for emissions reductions that do not take place.

Others are meanwhile making big profits from carbon trading for very small expenditure and in some cases for clean-ups that they would have made anyway. ...

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.

Anybody surprised? Not me. The whole thing smelled like a scam from the beginning. It's not about reducing actual carbon emissions, it's just about feeling better about the carbon emissions the Gulfstream Liberals create.