Carbon Credit Watch

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The Issue

For 30 years we have monitored the threat of global warming. Over that time, we have never once thought it justified, as many others have, to raise the alert to a “code red” – a threat to our planet that requires extreme and immediate measures. We still don’t think it should be.

Why? Because of our experience with unaccountable global institutions, we didn’t trust the UN Kyoto process and the donor agencies that put the world on red alert; we saw how global concern would undermine local concerns about substantive issues like deforestation, air, and water pollution.

Thanks to the groundbreaking book The Deniers, published by our sister organization Energy Probe, we learned that the science is not settled on man-made global warming, we realized the models are not reliable and that bigger climatic forces may be at play.

Once the science is in, it is possible that CO2 will be rehabilitated to the traditional view of it – as nature’s fertilizer, a gas that benefits the biosphere rather than threatens it.

To our mind, the theoretical threat of global warming has always paled next to the real and present dangers posed by long-known pollutants and threats from habitat loss and degradation.

Until the science is settled on the global warming threat, we argue, reduce the known contaminants, such as NOX, SOX, and mercury, through energy conservation and efficiency improvements and polluter pay mechanisms.

Moreover, we believe the manic focus on CO2 has led to unfortunate and disturbing results. It used to be the dam builders, the nuclear power advocates and the polluters who shut down debate over their pet projects on the grounds that they knew best and detractors didn’t understand the science and economics of their industries.

Now it is mainstream environmental NGOs in rich countries who are shutting down debate over the threat of global warming, by vilifying and assigning ulterior motives to experts and the public who dare to question the scope of the threat.

It is a sad day when environmentalists impede scientific inquiry and public debate.

But worse, in the pursuit of cutting CO2 emissions, a global warming industry of polluters, governments, and international funding agencies has, by decree, turned carbon into a commodity and created “markets” on which to trade the right to produce it in the form of “carbon credits.”

The environment, and the well-being of those who depend on it, is now truly threatened. Coal burning industries in industrialized countries are buying the right to continue polluting by paying poorer countries to “reduce” global CO2 either by limiting their own development building or by offsetting industrialized country emissions by building hydro dams and planting mega forestry schemes.

Flooding from hydro dams has forced the resettlement of millions and stricken their lives with impoverishment, while mega forestry projects cause immeasureable harm to local ecosystems.

Everybody loses except the polluters, the aid bureaucracies, and governments who can falsely claim to be “green.”

On these pages, Probe International will bring you the details of these disasters-in-the-making and how to stop them. Let us know your views by commenting in our Forums or by contacting us your own carbon credit stories. We will do our best to cover them for the benefit of the debate.

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Latest News

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Probe International has a new home!

Probe International
12/24/2010

Probe International has a new (and much improved) website! You can reach the website by clicking here, or you can type in http://journal.probeinternational.org in your browser. While we will continue to maintain this site, we will no longer be posting new content here. Thanks for all your support.

ArcelorMittal Corus Salzgitter US Steel and SSAB top firms in EU profiting most from carbon credit

09/22/2010

According to a chart made by British NGO Sandbag, Czech power producer CEZ ranks 7th among European companies that profit most from excess carbon credits as it received about carbon credits worth GBP 98 million for 7 million tonnes of carbon dioxide in 2008-09.  read more »

Who to blame? UN wants to make auditors of carbon credit projects liable for their work

Brady Yauch
09/21/2010

As the controversies surrounding the United Nations’ (UN) carbon credit scheme continue to mount, the agency is trying to pass the buck on liability for exaggerated carbon-reducing claims. The Executive Board—the body that overseas the UN’s international carbon credit scheme, the Clean Development Mechanism (CDM)—has tabled a proposal to make the companies that verify carbon emissions liable for excess credits.  read more »

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Sources

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Carbon accounting challenges: Are you ready?

11/03/2009

The development of carbon markets worldwide has created a host of challenges for companies – and of these challenges, accounting is perhaps one of the least understood. After all, even Europe (a four-year veteran of carbon trading) still has not come to consensus on how to account for emission allowances. Carbon traders in the United States have only begun to grapple with the accounting issues of an already complex and unfamiliar market. Moreover, as carbon markets evolve and incorporate new elements, additional accounting challenges will continue to emerge.  read more »

Carbon credit fraud: The white collar crime of the future

11/01/2009

Australia’s Carbon Pollution Reduction Scheme (CPRS) will soon require the largest emitters of greenhouse gases to offset their carbon footprint. Such schemes have already been subject to fraud, misstatement and the involvement of organised crime in the UK and Europe. Deloitte Forensic is now warning Australian companies and regulators to prepare for the potential fraud risks.  read more »

Avoiding Fraud: It’s not always easy being green

09/01/2009

Fraud in the green market can take many forms – from intentionally inaccurate carbon footprint measurements to misleading green marketing claims to the double counting of carbon offset credits. In addition to these “environmental” fraud risks, there is another set of fraud risks that companies should be aware of, especially if they are thinking about entering into the carbon offset market. These are considered “transactional” fraud risks, examples of which are explained below.
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Blogs

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Set for failure: As money for carbon-reducing forestry programs increases, so too does fraud and corruption

As rich countries continue with plans to pour money into forestry programs in the developing world as a way to combat climate change they should heed warnings that the programs will fail to reduce carbon emissions, strip local citizens of their ownership rights, and be ridden with fraud and corruption. Yet, governments in the developed world seem intent on ignoring these warnings, as they recently pledged another $500-million—on top of the $3.5-billion they promised at Copenhagen’s UN Climate Conference in December—to carbon-reducing forestry programs in the developing world.  read more »

Australia won't cap and trade

Seeing countries around the world back away from their climate change commitments, and seeing his own electoral support crumble, Australian Prime Minister Kevin Rudd announced today that Australia will be shelving its cap and trade program for at least three years, until after the next election.  read more »

Another alleged scam unearthed in the carbon markets

Carbon markets are again facing allegations of a scam involving the trading of carbon credits. Reuters reports the Australian company WesternField Holdings Inc. has been accused of defrauding investors down under of A$3.5 million ($3.2 million) through a telemarketing swindle. Although blacklisted by the country's securities regulator, the firm continues to operate.  read more »

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Climategate

On November 17, 2009, more than 1,000 email exchanges among scientists at the Climate Research Unit (CRU) at the University of East Anglia and other leading institutions were released, unauthorized, onto the Internet. The exchanges were damning, suggesting that lead researchers had manipulated and destroyed data, had thwarted the peer review process to keep skeptical scientists from publishing, and had violated Britain’s access to information laws. Some of the emails indicated that the correspondents worried that temperature data did not in fact show that the planet was getting warmer. The revelation became known as “Climategate,” named after the famous Watergate scandal that brought down the Nixon Presidency in the U.S. We believe the facts revealed by “Climategate,” and the investigations by various universities and research organizations, parliaments, and the police are crucial to environmental public policy, and to the integrity of the environmental movement and to science scholarship itself. For the ease of readers, we are recording the best news coverage of this issue as it emerges, and a listing of Websites for more in-depth debate on the subject of man-made global warming.

Best Websites Covering the Global Warming Debate


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The Media Campaigns That Promote Dubious Science

Thomas Fuller
09/13/2010

Over the past week we have looked at several very potent symbols that were misused by major media campaigns that pushed a political agenda to promote vigorous action to combat global warming. We saw that they had to ignore basic arithmetic to paint polar bears as threatened, hyperventilate over GRACE findings that less than 0.5% of East Antarctic ice may have disappeared, and ignore IPCC scientists so they could insist that Himalayan glaciers would disappear by 2035.  read more »

UEA “Welcomes” Untrue Muir Russell Finding

Steve McIntyre
09/11/2010

Shortly after the release of the Muir Russell report, I criticized their wrongheaded and untrue finding that there had not been an outstanding FOI request at the time of the notorious Jones’ request to delete all emails seeking information on IPCC correspondence that, in Fred Pearce’s words, was a ‘subversion” of IPCC policy on openness and transparency.  read more »

UEA/CRU responds to Climategate “inquiries”

Anthony Watts
09/06/2010

UEA has issued a response to the various inquiries. The timing is odd, to say the least. Perhaps they’ve all been on holiday.  read more »

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