Elementry my Dear Watson…..
June 5th 2007 07:15
Interesting to read in the press this morning a story about a company – title is a give away- that has sold nearly 25,000 tonnes of Offsets ie circa $500,000 and not planted a Tree or changed a g
This voluntary Carbon Market is definitely open to fraud and manipulation as has been discussed on this Web site before and an Article in the AFR today raises the same concerns.
There is no regulatory body and no real way of checking whether these guys are straight up. For a purchased credit to do any good it must be surrendered otherwise it is pointless and can be re-sold many many times. Credits can also be unverified and unaccredited and part of dubious schemes. We really have to check out the people we use an as offset provider because it is largely a trust game. Also don’t be fooled by a Charity status, many charities are bogus or pay huge percentage of takings as “salaries” to founders before a cent gets to the right place.
Just to give you an idea of numbers in the NSW GGAS scheme the article stated that only 4% of Carbon Credits purchased or created have been retired, this is comparable to 82% retirement in Global schemes that are better regulated.
The article states and I am in total agreement that Australia is on the road to a scandal of Cold Play proportions….
I am not saying don’t buy Carbon Offsets, I am all for offsetting I am just trying to point out there are some pitfalls out there. And will endeavour to research and find some good guys out there. But be aware there is very little to stop fraudsters setting up and taking your money for nothing…….
Cheers
Happy offsetting
Carbon8tor
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