Shell sold millions of carbon credits for reductions in greenhouse gas emissions that never happened, allowing the company to turn a profit on its fledgling carbon capture and storage project, according to a new report by Greenpeace Canada.
Under an agreement with the Alberta government, Shell was awarded two tonnes’ worth of emissions reduction credits for each tonne of carbon it actually captured and stored underground at its Quest plant, near Edmonton.
This took place between 2015 and 2021 through a subsidy program for carbon, capture, utilisation and storage projects (CCUS), which are championed by the oil and gas sector as a way to cut its greenhouse gas emissions.
At the time, Quest was the only operational CCUS facility in Alberta. The subsidy program ended in 2022.
The carbon credit system is designed to make companies responsible for emissions to pay money to companies who are reducing emissions. It’s a financial incentive to produce less emissions AND on the other side, a financial incentive to invest in green tech.
Using your metaphor…if you stopped cheating on your wife you could avoid spending ten grand on wife cheating credits. That’s a financial incentive to stop cheating on your wife. So many people will stop cheating on their wives.
Meanwhile, people who were thinking about cheating on their wives could instead collect ten thousand bucks for being faithful. So…many of those people won’t cheat on their wives.
I get how it’s supposed to work but who is keeping track of how many times I was going to cheat but then did not? Who says I even have a wife? Who says I REALLY was going to burn all that coal but then decided not to? Giving credits for not doing a thing is just too easy to abuse.
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The carbon credit system is designed to make companies responsible for emissions to pay money to companies who are reducing emissions. It’s a financial incentive to produce less emissions AND on the other side, a financial incentive to invest in green tech.
Using your metaphor…if you stopped cheating on your wife you could avoid spending ten grand on wife cheating credits. That’s a financial incentive to stop cheating on your wife. So many people will stop cheating on their wives. Meanwhile, people who were thinking about cheating on their wives could instead collect ten thousand bucks for being faithful. So…many of those people won’t cheat on their wives.
Get it now?
Yes ok, but the people spending 10k to cheat on their wives are oil executives with bottomless pockets
I get how it’s supposed to work but who is keeping track of how many times I was going to cheat but then did not? Who says I even have a wife? Who says I REALLY was going to burn all that coal but then decided not to? Giving credits for not doing a thing is just too easy to abuse.
I would report having multiple wives to get more bucks.
I could have burned down the amazon forest but I didn’t, so give me monies <facepalm>