(The LNG producer, Cheniere, one of the largest companies in the industry, decided to create its own certification scheme to self ‘regulate’ its system of LNG production to market Certified Clean LNG.) (Engie has since resumed purchasing LNG from Cheniere that Cheniere has self certified as “lower carbon”)Another impetus for the creation of Certified Clean LNG is the collapse of the voluntary market in carbon offsets. (Market value of carbon offsets drops 61%, report finds- www.theguardian.com/...) Carbon offsets work by creating certificates, or “allowances” to offset one ton of carbon dioxide, or the equivalent in other greenhouse gases by investing in environmental projects anywhere in the world. It should be noted that offsetting emissions does nothing to slow the growth of, or actually reduce any carbon emissions. “This report documents the prevalence of ‘worthless’ or ‘likely junk’ carbon offsets in the global Voluntary Carbon Market, and undermines the corporate rationale for claiming emissions reductions based on such credits,” Heede added.

Source: The Guardian June 15, 2024 17:07 UTC