Taxing a basic molecule of life on Earth was never going to be easy.
Leaked paper exposes EU abuse of climate loophole
EXCLUSIVE/ European Union countries exploited loopholes in United Nations forestry rules to pocket carbon credits worth €600 million and the equivalent of global-warming emissions from 114 million cars.
That’s slightly more cars than exist in Germany, France and Italy combined.
You will not believe, governments overstated their logging targets then claimed credits for the forests they didn’t cut down, and the EU paid them for it.
Just saving the world, one lie at a time.
The document said that leaving the loophole open risked 133 million tonnes of unearned carbon credits falling into governments hands.
133 million tonnes is worth €665 million at today’s carbon price and is equivalent to 127 million cars on the road.
It’s a market based on intentions instead of a product. What could possibly go wrong?