Questionable Carbon Credits
A recent investigation has revealed Shell’s sale of millions of “phantom” carbon credits, allegedly based on unmet emissions reduction targets. The company’s flagship carbon capture facility, supported by significant Canadian taxpayer funds, has come under scrutiny for its dubious accounting practices, sparking concerns about its environmental impact.
Dubious Dealings Unveiled
Shell’s carbon capture and storage (CCS) project in Alberta, Canada, purportedly aimed to mitigate industrial emissions by storing CO2 underground. However, revelations suggest that Shell leveraged a two-for-one deal with the Government of Alberta, allowing it to sell carbon credits for double the amount of CO2 it actually captured. This legal but ethically questionable arrangement enabled Shell to profit from emissions reductions that never materialized.
Environmental Accountability
The investigation highlights the discrepancy between Shell’s touted emissions reductions and the actual environmental impact of its operations. Despite significant government subsidies and ambitious targets, the Quest CCS project reportedly fell short of its emissions reduction goals, casting doubt on the efficacy of such initiatives in addressing the climate crisis.
Taxpayer Burden
Canadian taxpayers footed the majority of the bill for the Quest project, covering 93 percent of its costs through direct subsidies and support schemes. The revelation underscores the need for greater transparency and accountability in government-backed initiatives, as taxpayers bear the financial burden of projects with questionable environmental benefits.
Calls for Reform
Environmental advocates emphasize the urgency of transitioning away from fossil fuel dependency and holding corporations accountable for their contributions to climate change. As Shell faces scrutiny for its misleading carbon credits scheme, there are growing calls for legislative measures to regulate greenhouse gas emissions and incentivize genuine emissions reductions in the oil and gas sector.
SOURCE: Ref Image from CBC
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