No kidding, Dick Tracy!
Staff at an influential corporate climate action group whose board announced a plan to allow companies to offset greenhouse gas emissions from their supply chain with carbon credits has now found such offsets are largely ineffective, a confidential preliminary draft reviewed by Reuters shows.
At stake is the growth of the still nascent market for voluntary carbon offsets. While they are used by some of the world's biggest companies, including Microsoft (MSFT.O), opens new tab, Salesforce (CRM.N), opens new tab and Amazon.com (AMZN.O), opens new tab, the size of the market remains small at around $2 billion.
The Science-based Targets initiative (SBTi), a U.N.-backed nonprofit that audits the emission reduction plans of companies, triggered a revolt among staff last month by declaring its intention to allow use of carbon credits prior to concluding its research on them.
It is very ironic that this report is issued by this U.N.-backed organization (SBTi) since, as Reuters points out, the group even uses carbon offsets to minimize their carbon footprint. But don't you dare do so, U.N.! Only we are allowed to do that!
During September of last year, two environmentalist groups criticized the global body for its use of carbon offsets to achieve carbon neutrality. No indication yet that the United Nations has backed down from using the green indulgences too.
Carbon offsets are nothing more than a money laundering scheme and, simultaneously, give license to polluters to pollute more while allegedly reducing the amount of carbon dioxide they release into the atmosphere. They also help rich liberals, like Leonard DiCaprio, feel good or virtue signal in order to claim their doing something to fight climate change.
Al Gore made a fortune selling carbon offsets and laughed all the way to the bank. In the case of the U.N. and its affiliated groups, carbon offsets or credits are a money laundering racket to help the politically connected get rich.
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