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Captain Obvious Reports from the “Carbon Offsets” Front

Surprise! It’s a load of hooey

A Financial Times investigation has uncovered widespread failings in the new markets for greenhouse gases, suggesting some organisations are paying for emissions reductions that do not take place.

Others are meanwhile making big profits from carbon trading for very small expenditure and in some cases for clean-ups that they would have made anyway.

Among those “others” making bundles of money perpetrating this scam are none other than the Imperial Environmentalist himself, The Goracle,
who has been running what could be the sweetest con currently operated. He prattles on about purchasing those offsets to counter his profligate CO2 spewage, yet he doesn’t actually buy them; his company, Generation Investments Management, from whom he claims to purchase these things (without divulging his role as chairman of GIM), doesn’t actually sell them.

They ‘cover’ his “carbon offsets” bill by investing money in allegedly “green” companies through purchasing shares of those companies for the Goracle’s portfolio.

They’re a money management operation;
not an offset retailer. They don’t have the suckers to sell to company chairman Goracle, or anyone else, for that matter. And as this BusinessWeek article points out like that FT article linked above, even the “legit” carbon offset business is dubious, at best, when it comes to decreasing the amount of CO2 output that was already in place before anyone heard of these fictitous pieces of scrip.

When I first heard of this “offset” contract, the COMEX Guy in my mind screamed “bullshit!” It’s nice to know he’s still gets things right.

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