A satellite analysis revealed that Finite Carbon, a BP-owned company, sells carbon offsets for forests that are not at risk of deforestation, raising concerns about their true climate impact.
Luke Barratt reports for SourceMaterial in partnership with Miranda Green reporting for Floodlight.
In short:
- Finite Carbon, responsible for a significant portion of U.S. carbon credits, faces criticism for selling offsets on trees unlikely to be cut down.
- Experts found that 79% of credits from key projects, valued at $334 million, should not have been issued.
- The analysis highlights systemic flaws in California’s cap-and-trade system, allowing companies to exploit offset protocols.
Key quote:
“We don’t think that the project should have been allowed to proceed and earn credits.”
— Elias Ayrey, head scientist at Renoster
Why this matters:
Carbon offsets are intended to reduce net emissions, but flawed credits undermine this goal, allowing continued pollution.
