In October 2013, Enviro Associates admitted that “in the voluntary carbon market, no one can sell your credits at this stage because the trade platforms are still in development stage”.
Enviro Associates continues to contact people who have been scammed into buying carbon credits. In its latest email, it doesn’t say that it can sell the carbon credits, instead offering “the latest information regarding the market”.
In 2013 the top story on REDD-Monitor was the carbon credits as investments scam. All of the top ten posts on REDD-Monitor were about this story, which involves companies (largely UK-based) pushing carbon credits onto unwary retail investors.
“Enviro Associates specialises in providing the opportunity to purchase Verified Carbon Standard (VCS) carbon credits within the de-centralised unregulated speculative voluntary carbon credit spot market for high risk speculative investment for the future and individual and corporate offset purposes.”
Naked Capitalism is a blog set up by Yves Smith. She’s an expert on investment banking and the founder of Aurora Advisers, a New York-based management consulting firm. Carbon Neutral Investments is a company that, before it changed its name, provided services for a long list of companies that sold carbon credits as investments.
Almost a year ago, the BBC secretly filmed Luke Ryan, the director of Enviro Associates, making misleading claims about how much money can be made by investing in carbon credits. Ryan reckoned there was “serious money” to be made. Of course, we know he was lying. An online survey by the Financial Conduct Authority found that no one had made any money by investing in carbon credits.
In September 2013, I wrote about a company called Wellz Zable. The company is based in London and sells carbon credits as an investment. The website is full of the usual nonsense that these companies put out about carbon credits. Like this, “A number of buyers are purchasing different types of credits under all of the trading mechanisms in order to spread risk across their portfolio.”