Thursday, April 26, 2007

Big Shock!

Carbon credits are largely bullshit. Shocking, I know. The Financial Times has an interesting article about this.


    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.

I guess the Goracle's house may not be carbon neutral after all.