Goodbye “Net zero” and “Carbon offsets”: the fourth largest steel producer stops purchasing voluntary carbon offsets
Goodbye “Carbon Offsets”, goodbye “Net Zero”. About three weeks after Shell, Europe's largest oil company, quietly shelved the world's largest business plan to develop carbon offsets, the world's fourth-largest iron ore producer, Fortescue Metals Group Ltd., has decided to end purchases of voluntary carbon offsets . This is because at least one major study has revealed that carbon offsets are subject to “greenwashing” and most credits do not actually benefit the climate.
Billionaire Andrew Forrest's Fortescue Metals produced around 2.55 million tonnes of Scope 1 and 2 carbon dioxide emissions in the year to 30 June. Bloomberg said the company has implemented a new policy to halt purchases of carbon offset credits from the current fiscal year.
“ We are the only major emitter in the world to stop purchasing voluntary offsets ,” Dino Otranto, chief executive of Fortescue's metals division, said in a statement. Evidently, however, the matter must not have caused her too much scandal.
Fortescue's move comes after Shell outlined an updated strategy for the company that included cutting costs and doubling its profit centers (oil and gas) – which notably shelved the world's largest business plan to develop carbon offsets. In times of lean times, companies do not want to spend on mysterious, and sometimes false, reinvigoration of tropical forests.
According to Bloomberg Green investigations, many compensation programs do not deliver the promised environmental benefits.
A study by the Goldman School of Public Policy at the University of California, Berkeley, found that REDD+ credits account for a quarter of the carbon offset market. And according to the researchers, “most credits probably represent no climate benefit.”
Berkeley's findings raise serious questions about the market for carbon offsets, coming months after the world's leading certifier of carbon credits, Verra , sold worthless offsets to major companies.
Recall that Elon Musk tweeted a year ago: “ESG is a scam. It has been weaponized by false social justice warriors.”
As we noted earlier this year, “Carbon credits are the biggest scam after indulgences… how to avoid getting ripped off.”
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The article Goodbye “Net Zero” and “Carbon Offsets”: Fourth Steel Producer Stops Buying Voluntary Carbon Offsets comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/addio-net-zero-e-compensazioni-al-carbonio-il-quarto-produttore-di-acciaio-cessa-di-acquistare-compensazioni-volontarie-di-carbonio/ on Thu, 21 Sep 2023 17:30:50 +0000.