A key carbon offsetting scheme was so open to abuse that three quarters of its allowances lacked environmental integrity, a new report says.
UN officials confirm the findings by the Stockholm Environment Institute that around 600m tonnes of carbon were wrongly emitted as a result, under the UNFCCC’s Joint Implementation (JI) scheme.
An estimated 80% of JI projects were of low environmental quality, according to the paper, parts of which were published on Monday in Nature Climate Change.
“Many of them didn’t observe the requirements of JI on ‘additionality’ as they would probably have happened anyway, and I would even doubt the physical existence of some of these projects,” said Vladyslav Zhezherin, one of the report’s authors. “I would say that many of them were fake.” A senior UN official speaking on condition of anonymity told the Guardian that the new report was “thoroughly researched and probably correct.”
JI had been beset by “significant criminal energy” in Russia and Ukraine, after the EU banned the trading of credits from an industrial gas scam on the Emissions Trading System (ETS) from April 2013, he explained. This led to a flood of what he called “almost completely bogus” credits in 2012.
“It was an outstretched middle finger to the EU saying ‘You’re shutting out our credits, we’re flooding your markets,’ a mix of retaliation and crime,” he said.
Bourse du carbone, énergie verte… Des combines gouvernementales pour permettre à une petite clique de s’enrichir…
J’espère que personne n’est surpris, c’est le genre de chose qui arrive que le gouvernement dispose d’un plat de bonbons valant plusieurs milliards de dollars.