carbon market – Desdemona Despair

Difference between modelled and reported methane intensities by type of company. Modelled emissions are compared with the methane emissions reported by each company in its sustainability reporting or its public communication. The global average ratio on this set of companies is 16.1, with a relative standard deviation of 79.3 percent. Each type of company within this set does not contribute similarly to these global metrics. Integrated companies have the highest average ratio between model and reporting out of all the types of companies, at 19.2 and a relative standard deviation of 64.7 percent, which means that some Integrated companies reporting are much closer to the values for their corresponding model than others. National oil companies (NOCs) have the lowest median ratio with 4.0 but their average is the second highest at 15.2, strongly influenced by one of the companies in the category that has a factor of 51.2, while the remaining 4 have an average of 6.2. Independent companies have the lowest average with 12.6 and a relative standard deviation of 65.2 percent, which shows the importance of the regions of operation in the results of different models. Graphic: Peyle, et al., 2024

July 27, 2024

We used satellite imagery and AI to see who’s keeping their climate pledges – Almost none of the signatories of the Global Methane Pledge are following through on their commitment – On average, companies emit methane intensities 16 times larger than reported

By Antoine Rostand 17 July 2024 (Fortune) – Committing countries or companies to climate pledges doesn’t guarantee that those pledges will be honored. After all, the planet is getting a great deal hotter every year, with the record-breaking temperature in India in May just the latest example. If companies and countries were fully honoring their […]

Emissions offset credits awarded to Shell by the Albertan government (Mt CO2e), 2015-2022. Shell was awarded more than 5.7 million unearned carbon offset credits over 8 years. Data: Alberta Carbon Registries. Graphic: Financial Times

May 27, 2024

Shell plant reported millions of “phantom” carbon credits – “Selling emissions credits for reductions that never happened literally makes climate change worse”

By Kenza Bryan and Clara Murray 4 May 2024 LONDON (Financial Times) – A Shell-operated plant reported millions of carbon credits tied to CO₂ removal that never took place but were used by Canada’s largest oil sands companies, raising new doubts about a technology seen as crucial to mitigating greenhouse gas emissions. As part of […]

An Ogiek home in Kenya’s Mau Forest that has been set on fire to illegally evict hunter-gatherers from their ancestral lands to profit from carbon offsetting schemes. Photo: OPDP / BBC

December 3, 2023

Kenya’s Ogiek people being evicted for carbon credits – “The Ogiek are on the front line of a false climate solution that is used to justify ongoing evictions and emissions”

By Claire Marshall 9 November 2023 (BBC News) – Kenya’s government is illegally evicting hunter-gatherers from their ancestral lands to profit from carbon offsetting schemes, human rights lawyers say. Hundreds of members of the Ogiek community are being evicted from the Mau Forest, say their representatives. Ogiek leader Daniel Kobei said armed forest rangers were […]

Smoke rises from the Crater Creek (K52125) wildfire near Keremeos, British Columbia, Canada, 15 August 2023. BC Wildfire Service / REUTERS

September 11, 2023

Carbon credit market confidence ebbs as big names retreat – Voluntary carbon markets shrink in 2023 for the first time in at least seven years

By Susanna Twidale and Sarah Mcfarlane 1 September 2023 LONDON (Reuters) – Voluntary carbon markets have shrunk for the first time in at least seven years, as companies including food giant Nestlé and fashion house Gucci reduced buying and studies found several forest protection projects did not deliver promised emissions savings. Preserving forests is crucial […]

The California State Capitol in Sacramento. Photo: Rschlie / Getty Images

July 23, 2023

Oil and gas lobbying threatens California’s game-changing climate bills – Legislation aims to shine a light on corporate climate pollution and carbon offsets – “Delay is the new denial”

By Aaron Cantú 26 June 2023 (Capital & Main) – Two transparency bills in the California Legislature would require corporations to disclose more information about their emissions and their efforts to fight the climate crisis. The oil and gas industry is spending millions to kill them. The bills would force big companies that do business in California to […]

Illustration showing that Chevron omits more than 90 percent of its emissions in its “net zero” “aspiration”. Though Chevron is quick to proffer its “net zero” commitment as proof of its commitment to address climate change, its “net zero” pledge is 1) only an “aspiration”, as carefully stated on its website; and 2) only applies to its Scope 1 emissions (that result from operating the facilities/equipment/vehicles/buildings that Chevron owns) and Scope 2 emissions (produced from the energy Chevron uses), not its Scope 3 emissions (caused by the end-use of Chevron’s products – sold oil and gas). Graphic: Corporate Accountability

June 11, 2023

“Worthless”: Chevron’s carbon offsets are mostly junk and some may harm – “It’s clear from this report and other research that net zero as a framework opens the door for claims of climate action while continuing with business as usual”

By Nina Lakhani 24 May 2023 NEW YORK (The Guardian) – A new investigation into Chevron’s climate pledge has found the fossil-fuel company relies on “junk” carbon offsets and “unviable” technologies, which do little to offset its vast greenhouse gas emissions and, in some cases, may actually be causing communities harm. Chevron, which reported $35.5bn […]

Carbon credits claimed by Verra rainforest carbon credits vs. real emissions reductions. At least 90 percent of claimed credits do not represent real emissions reductions. Graphic: The Guardian

January 30, 2023

More than 90 percent of rainforest carbon offsets by biggest certifier are worthless, analysis shows – “It’s disappointing and scary”

By Patrick Greenfield 18 January 2023 (The Guardian) – The forest carbon offsets approved by the world’s leading certifier and used by Disney, Shell, Gucci and other big corporations are largely worthless and could make global heating worse, according to a new investigation. The research into Verra, the world’s leading carbon standard for the rapidly growing $2bn (£1.6bn) […]

Satellite view of the turf farm site in the Qatar desert, August 2021. World Cup organisers have created a large-scale tree and turf nursery, the largest turf farm in the world, according to the organisers, in the middle of the desert. It covers an area of 425,000 m2. While irrigation uses treated sewage water, the claim that this will absorb CO2 emissions from the atmosphere and contribute to reducing the impact of the event is not credible as this carbon storage is unlikely to be permanent in these artificial and vulnerable green spaces, while carbon dioxide stays in the atmosphere for centuries to millenia. Lusail stadium is the largest of the FWC stadiums, with a capacity of 80,000 seats. It is represented here to show the scale of the turf farm. Lusail stadium is not located next to the turf farm. Photo: Google Earth

November 19, 2022

World Cup 2022: The “mirage” of carbon offsetting

By Stéphane Mandard 19 November 2022 (Le Monde) – Organizers will have to buy 3.6 million carbon credits to compensate for emissions, according to FIFA. Carbon Market Watch says this estimate is too low – and a long way off. FIFA claims that the World Cup in Qatar will be the first to be “carbon […]

EU Carbon Permit price, 2005-2022. The price on 8 June 2022 is indicated. Graphic: Trading Economics

June 8, 2022

Risk of delay to carbon market reforms after surprise EU vote – “All those that voted against today can think twice … please don’t kill the ETS”

By Kate Abnett 8 June 2022 BRUSSELS (Reuters) – The European Parliament on Wednesday rejected a proposal to upgrade the European Union’s carbon market, an unexpected move that exposed divisions over the bloc’s core climate policy and could delay negotiations to finish the measure. A committee of lawmakers must now try to forge a new […]

Screenshot from “Honest Government Ad: Carbon Credits and Offsets”, showing that 70 to 80 percent of Australia Carbon Credit Units (ACCUs) are devoid of integrity, according to Prof. Andrew Macintosh, former chair of Australia’s Emission Reduction Assurance Committee. Photo: The Juice Media

April 14, 2022

Honest Government Ad: Carbon credits and offsets – “Imagine that your money was actually being spent on strippers and coke!”

10 April 2022 (The Juice Media) – Hello, I’m from the Australien Government. You know how when you book a flight you can pay a little extra money to offset your emissions? Well, now imagine that your money was actually being spent on strippers and coke! Except the strippers are our mates, and the coke […]