Shell To Spend $450M On Possibly Worthless Carbon Offsets

"British multinational to spend huge sums on schemes that do not bring genuine carbon reductions, analysis shows"

"The fossil fuel firm Shell has set aside more than $450m (£367m) to invest in carbon offsetting projects, and plans to buy the equivalent of half the current market for nature offsets every year, the Guardian can reveal.

But a joint investigation by the Guardian, Die Zeit and Source Material into Verra, the world’s leading carbon standard for the rapidly growing $2bn voluntary offsets market, has found, based on analysis of a significant percentage of the projects, that more than 90% of their rainforest offset credits – among the most commonly used by companies – are likely to be “phantom credits” and do not represent genuine carbon reductions.

Shell, one of the five largest oil companies in the world, has said it plans to ramp up spending on measures to counterbalance its polluting activities in an effort to decarbonise."

Alex Lawson and Patrick Greenfield report for the Guardian January 19, 2023.

Source: Guardian, 01/20/2023