There's a carbon rush currently going on in the #Pacific. All sorts of shady characters are being drawn to countries such as #PNG in search of striking gold in the form of 'green' and 'blue' carbon offsets generated by the regions vast forests and oceans...🧵
The sudden demand for carbon credits appears to be at least partly due to the Australian government's continuing support for the gas industry, and the need for cheap carbon offsets to greenwash their image and claim #NetZero emissions.
The predatory behaviour of some #carbon #offset project developers in the Pacific is an inevitable consequence of countries and companies scrambling to buy cheap offsets instead of leaving fossil fuels in the ground or making real reductions in their carbon emissions.
The Australian government's goal of reaching net-zero of emissions by 2050 is inconsistent with the continued expansion of the gas industry unless there is a ready supply of cheap #carbon #offsets. Enter #Pacific forests and oceans🌴🌊
The problem is that when market demand exceeds supply people start doing dodgy things. Remember the sub-prime mortgages and low doc/no doc (no income, no job 🥷) loans that brought down the global financial system? We're now seeing low-doc #carboncredits
A REDD+ project proposal seeking #VCS certification seems to be a cut and paste job by yet another carbon cowboy to see who they can con. And it seems they may have conned @VerraStandards - the Standard and Poors of the voluntary carbon market. australiainstitute.org.au/report/carbon-…
These low integrity, low doc #carboncredits could have the same disastrous consequences for the global climate system as they did for the global financial system.
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