<
https://reneweconomy.com.au/buyer-beware-carbon-credit-platforms-repeating-ills-of-the-past/>
"The claims and promises of carbon offset schemes are falling so deep into the
category of being ‘too good to be true’, that it’s becoming a genuine consumer
protection concern.
Climate Integrity’s recent investigation into a new Australian carbon
offsetting platform, Aetium, is just the latest example of the ongoing
integrity crisis that has plagued carbon markets and how dismissing key
integrity protections can work to undermine any role carbon credits could play
as a solution to the climate crisis.
Problems establishing the environmental integrity of carbon credits have
mounted in recent years, with multiple academic studies demonstrating that the
emissions claimed to have been reduced or avoided by many projects have not
materialised or are grossly overestimated. One study found that as much as 90
per cent of carbon credits issued under some methods were not backed by real
world emissions reductions.
It is in this context that Climate Integrity identified and raised concerns
about Aetium, investigating the new Australian-headquartered carbon credit
platform and its potential to mislead everyday consumers about the
contributions they may be making towards solving the climate crisis.
Aetium offers to issue carbon credits – in the form of non-fungible tokens
(NFTs) – to owners of rooftop solar, electric vehicles, and properties with
established trees.
Aetium will ultimately charge participants to register their activities – and
take a small share of the carbon credits issued – while offering the prospect
that they could sell the credits for cash.
Being rewarded for doing the right thing sounds great, but the core problem is
that Aetium issues carbon credits for existing actions – to existing rooftop
solar systems (no matter how old), for existing EV ownership (the more you
drive, the more credits you can claim) and for existing trees.
This approach is effectively awarding ‘business-as-usual’ actions, and is
out-of-step with virtually every carbon credit verification scheme, jettisoning
an essential integrity pillar of carbon markets called ‘additionality’.
The requirement to achieve ‘additionality’ has been adopted more-or-less
universally by government-run and voluntary carbon crediting regimes and is
backed by climate scientists. It seeks to ensure carbon credits are only
awarded for the reduction of emissions beyond ‘business as usual’ practices."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
