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News Thursday
26Apr
Carbon Credit Industry Faces Fraud Probe
Thursday, April 26, 2007 at 11:53AM 
A London Financial Times investigation has found widespread evidence of fraud in the carbon credit industry. Allegations include:
■ 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.
Francis Sullivan, environment adviser at HSBC, the UK's biggest bank that went carbon-neutral in 2005, said he found "serious credibility concerns" in the offsetting market after evaluating it for several months.
Source and full article: The London Financial Times
Also, in the USA comes the news that the new Congressional Budget Office report has reported the utter failure of the CO2 cap-and-trade systems. "The CBO has revealed that a C02 cap-and-trade allocation scheme will result in a transfer of wealth from poor to rich." The full report reads a bit like a horror story go here.
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