Suncor Energy Inc. T.SU

RE:Shell Quietly ditches failed carbon credit scam

[mrbb]

mrbb wrote:

Shell Quietly Ditches Failed Carbon Credit Scheme | ZeroHedge

Backfire: World's Fourth Largest Iron Ore Producer Stops Purchasing Carbon Offsets

Iron Ore Producers Stops buying carbon offsets

About three weeks after Shell, Europe's largest oil company, quietly shelved the world's largest corporate plan to develop carbon offsets, the world's number four iron ore producer, Fortescue Metals Group Ltd., has decided to end purchases of voluntary carbon offsets. This comes as at least one major study has revealed carbon offsets are prone to 'greenwashing' and most credits don't actually benefit the climate.

Billionaire Andrew Forrest's Fortescue Metals produced about 2.55 million tons of scope 1 and 2 carbon dioxide emissions in the year leading up to June 30. Bloomberg said the company has implemented a new policy to halt purchases of carbon offset credits from the current fiscal year.

"We are the only heavy emitter in the world to stop purchasing voluntary offsets," Dino Otranto, chief executive officer of Fortescue's metals business, said in a statement.

Green Bubble Burst: US ESG Fund Closures In 2023 Surpass Total Of Previous Three Years

green bubble


In January, BlackRock's Larry Fink told Bloomberg TV at the World Economic Forum in Davos that ESG investing has been tarnished:

"Let's be clear, the narrative is ugly, the narrative is creating this huge polarization. "

Fink continued:

"We are trying to address the misconceptions. It's hard because it's not business any more, they're doing it in a personal way. And for the first time in my professional career, attacks are now personal. They're trying to demonize the issues."

By June, Fink's BlackRock dropped the term "ESG" following billions of dollars pulled out of its funds by Republican governors, most notably, $2 billion by Florida Gov. Ron DeSantis.

The crux of the issue that Republican lawmakers have with radical ESG funds is that they were trying to impose 'green' initiatives on the corporate level to force change in society, and many of these initiatives would be widely unpopular at the ballot box during elections.