Shell Sold Millions In Carbon Credits That It Never Earned [zero hedge]
Canadian Natural Resources Limited (CNQ)
Last canadian natural resources limited earnings: 3/5 05:00 am
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Source: zero hedge
Shell Sold Millions In Carbon Credits That It Never Earned The carbon credit con band plays on... The most recent chapter in the 'green' initiative has been supermajor Shell being found to have sold 'phantom' carbon credits that were twice the volume of emissions the company actually avoided, according to FT . Shell has reportedly sold millions of carbon credits, tied to CO2 removal, to Canada’s main oil sands companies, despite doubts arising over the validity of the claimed emissions reductions. Keith Stewart with Greenpeace Canada commented: “Selling emissions credits for reductions that never happened . . . literally makes climate change worse.” Under a subsidy initiative by Alberta's provincial government to support the industry, Shell was permitted to register and sell carbon credits double the amount of emissions purportedly avoided by its Quest carbon capture facility from 2015 to 2021. However, this subsidy was phased out by 2022. Consequently, Shell managed to register 5.7 m
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