This is why cap and trade and carbon offsets are a bad idea.
Our society is simply too corrupt for this.
We need the heavy hand of taxes, and the blunt force of the state without ANY opportunity for profit:
At first glance, big corporations appear to be protecting great swaths of U.S. forests in the fight against climate change.
JPMorgan Chase & Co. has paid almost $1 million to preserve forestland in eastern Pennsylvania.
Forty miles away, Walt Disney Co. has spent hundreds of thousands to keep the city of Bethlehem, Pa., from aggressively harvesting a forest that surrounds its reservoirs.
Across the state line in New York, investment giant BlackRock Inc. has paid thousands to the city of Albany to refrain from cutting trees around its reservoirs.
JPMorgan, Disney, and BlackRock tout these projects as an important mechanism for slashing their own large carbon footprints. By funding the preservation of carbon-absorbing forests, the companies say, they’re offsetting the carbon-producing impact of their global operations. But in all of those cases, the land was never threatened; the trees were already part of well-preserved forests.
The Nature Conservancy recruits landowners and enrolls its own well-protected properties in carbon-offset projects, which generate credits that give big companies an inexpensive way to claim large emissions reductions. In these transactions, each metric ton of reduced emissions is represented by a financial instrument known as a carbon offset. The corporations buy the offsets, with the money flowing to the landowners and the Conservancy. The corporate buyers then use those credits to subtract an equivalent amount of emissions from their own ledgers.
Few have jumped into this growing market with as much zeal as the Nature Conservancy, which was founded 69 years ago by a small group of ecologists seeking to preserve the last unspoiled lands in the U.S. In the seven decades since, the nonprofit in Arlington, Va., has grown into an environmental juggernaut, protecting more than 125 million acres. Last year its revenue was $932 million, which eclipsed the combined budgets of the country’s next three largest environmental nonprofits.
Now, with an increasing number of companies looking for creative ways to cut emissions, the nonprofit has accelerated its work on carbon projects. But a review of hundreds of pages of documents underpinning those projects and interviews with a half-dozen participating landowners indicate that the Conservancy is often preserving forested lands that don’t need defending.
You see something similar in China, where they have built hydroelectric dams in remote regions, where they will never deliver power, so that offsets could be purchased by European companies for cap and trade.
We need real change, and financializing strategies for anthropogenic climate change is criminogenic.
We will not survive the fraud.