Carbon markets are struggling. There is a huge glut of carbon credits and pollution allowances. Carbon credits created under the clean development mechanism are trading at €0.07 on the EU emissions trading system (ETS).
Like many other people who were tricked into buying carbon credits as investments, Craig Jamieson found out too late that the carbon credits are near-worthless. He wants to publicise what happened to prevent others from being taken in and in the hope of getting justice.
“REDD is a risky and false solution to climate change, both in theory and in practice,” argues a new report by Friends of the Earth International. “Now it is time to ditch risky REDD for known community approaches that are effective, ethical and equitable.”
Gangster Squad is a film set in Los Angeles in the late 1940s. The Police Chief decides to set up a special unit to fight gangster Mickey Cohen. The six members of the police vigilante “Gangster Squad” carry guns but no badges.
“The Oddar Meanchey REDD project model is centered on local people’s participation in forest management,” said Ty Sokhun, head of Cambodia’s Forestry Administration in 2009. Five years later logging is rampant in the project area. Local people and the project developers are powerless to stop it. The Cambodian government does not seem interested.
The Rimba Raya Biodiversity Reserve is the only REDD project in Indonesia that has managed to sell any carbon credits. The project is dependent on continued sales of carbon credits, and on the price of carbon. Neither is certain.
The Monte Pascoal-Pau Brasil forest offset project in the south of Bahia, Brazil aims to finance the restoration of degraded forest through the sale of carbon credits. Communities living in the project area were promised social benefits from the project. Few of these benefits were realised and fewer lasted.
A company called Consultants Europe is cold calling people, claiming that they can sell near-worthless carbon credits for more than £5.75. Of course, there’s an advance fee to be paid of 45p per credits.
“It is a mistake to think that emissions from fossil fuels can be negated by increasing or protecting the storage potential of forests and other land based carbon.”