ββ#ConocoPhillips #Chevron #Shellβ
β οΈ Air salesman: Shell sells fake credits
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Shell has sold millions of fake carbon credits to Canadian oil producers, supposedly for COβ removal. Is this new business or just plain fraud?
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Recall: carbon credits are permits that give an entitlement holder the ability to emit a certain amount of greenhouse gases. Credits are measured in tons of CO2 equivalent. One carbon credit equates to a reduction of one ton of carbon dioxide or its equivalent, and in 2022 its "value" was approximately $50.
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Under the subsidy program, the government of the Canadian province of Alberta allowed Shell to register and sell carbon credits equal to twice the actual emissions reductions at the Quest plant from 2015 to 2021. The Quest plant is operated by Shell Canada and owned by Canadian Natural Resources, Chevron and Shell Canada. It is part of the Scotford refinery complex.
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Over the eight years of the scheme, Shell registered and received compensation for 5.7 million credits that did not correspond to real COβ reductions. Moreover, the oil giant sold these "carbon credits" to oil sands companies and some of its subsidiaries. Among the biggest buyers of the credits were the equally respected Chevron, Canadian Natural Resources,
ConocoPhillips, Imperial Oil and Suncor Energy.
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Both the seller and the buyers refuse to comment, but are actively trying to evade legal claims initiated by Greenpeace Canada. No one will apply any sanctions to Shell, the media are already losing interest in the situation and the scandal will gradually subside.
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The only pity is that the air will not become cleaner.
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Profits to yβall!