On Friday, WattsUpWithThat posted an article about the very predictable unraveling of carbon credits. This is not a new phenomena.
In 2003, CCX (Chicago Climate Exchange) was founded. It was assumed that when Democrats got control of Congress, they would pass Cap and Trade legislation and carbon credits would be exchanged through CCX. Some major Democrat figures were heavily invested in CCX. Cap and Trade never passed and the CCX began laying off employees in 2010. (article here)
Yesterday WattsUpWithThat reported:
The world of carbon credits has long been presented as a major tool for supposed climate woes. Advocates of this system have been quick to sing its praises, positioning it as the ultimate solution for mitigating greenhouse gas emissions. But skeptics, like yours truly, have long pointed out the inherent flaws in such a system. Now, even The Guardian, a publication that has been a staunch advocate of climate alarmism, seems to be having second thoughts. It’s almost as if they’re saying, “Oops, maybe the skeptics had a point.”
The Guardian’s Late Awakening
The article from The Guardian delves deep into the world of carbon credits, questioning their actual impact on reducing emissions. It’s almost amusing to see them now asking:
“Carbon credits are supposed to offset the emissions caused by companies and individuals. But do they really reduce greenhouse gases?”
A question that should have been asked and critically examined long before jumping on the carbon credit bandwagon.
The Mirage of Offsetting
The Guardian highlights a significant concern: the illusion of offsetting. Purchasing carbon credits doesn’t necessarily equate to genuine offsetting of emissions. Many of these credits are tied to projects that would have been executed regardless, meaning no real reduction in emissions.
“Many of the projects supported by carbon credits, such as the construction of windfarms and solar parks, would have been built anyway.”
In essence, it’s a system that allows companies to parade their “green” credentials without making any tangible changes to their carbon footprint.
The Inconsistencies of Carbon Credit Accounting
The article also sheds light on the convoluted and inconsistent world of carbon credit accounting. With no unified standard and a lack of rigorous oversight, it’s a system rife with potential for manipulation.
“There is no single standard for carbon credits, and critics argue that this has allowed projects that do not deliver real-world emissions reductions to flourish.”
It’s a system that skeptics have long warned about, and it seems these concerns were not unfounded.
Please follow the link to read the entire article. People are beginning to wake up.