You’d think that the 300MT of removed carbon was really helping in the voluntary carbon markets, but it is not. Buyers of offsets there can steal a tonne of CO2 removed for a buck, leaving the offsetters and the victims cheated of at least $49/tonne according to numerous sources on the true costs of carbon and methane. The true cost must be streamlined globally right away, as there are funds for mitigation going missing because of shorting in these markets, by both private companies AND GOVERNMENTS.
See for yourself here at these links:
Until the world, through the IPCC and other international agreements, standardizes the reparations cost for GHGs, both governments and private organizations will abuse these markets for the sake of profit.
Even in glorious Canada, governments have only been paying $12 or less CAD for offsets, and pocketing the difference from up to $50 in taxes/tonne to general revenue. There are claims that the tax is revenue neutral but the figures do not add up, nor is there a dedicated trust fund publicized for that difference, and there should be.
The voluntary market only offsets 330MT/year CO2e, in a possible 40Billion tonne market, so in this early stage is it critical to be setting aside the correct mitigation funds for the real mitigation to come.
Viva Cundliffe, PhD abd
CEO, ReductionTech Inc