Major Iron Ore Titan Halts Carbon Credit Purchases!

Fortescue Metals Joins Shell in Reassessing Carbon Offset Strategies Amid 'Greenwashing' Concerns

---

Roughly three weeks following the moment when Shell, the giant oil titan of Europe, discretely set aside the most ambitious corporate blueprint aimed at fostering carbon offsets, Fortescue Metals Group Ltd., standing as the fourth-largest iron ore magnate globally, has chosen to bid farewell to the procurement of voluntary carbon offsets. This development emerges as a significant study unveils that carbon offsets could be a gateway to 'greenwashing', with a hefty majority of these credits failing to deliver any real boon for our climate.

The affluent Andrew Forrest’s enterprise, Fortescue Metals, was accountable for approximately 2.55 million tons of scope 1 and 2 carbon dioxide emissions in the year trailing up to June 30. It was brought to light by Bloomberg that the firm has rolled out a fresh policy, putting a full stop to the acquisition of carbon offset credits starting from this fiscal cycle.

“In a bold stride, we stand as the lone heavy emitter on the global stage halting the purchase of voluntary offsets,” voiced Dino Otranto, the chief honcho at the helm of Fortescue's metals venture, in a formal declaration.

Fortescue’s determined step trails the recent narrative by Shell, which unveiled a rehashed blueprint for its enterprise that encapsulated cost-slashing and a sharpened focus on its profit-generating core (oil and gas), conspicuously side-lining the most colossal corporate endeavor to burgeon carbon offsets.

As per the probing by Bloomberg Green, a considerable number of offset initiatives fall short of fulfilling the pledged eco-friendly advantages.

An exploration conducted by the revered University of California, Berkeley's Goldman School of Public Policy spotlighted that REDD+ credits embody a substantial chunk, a quarter to be precise, of the carbon offset market. The researchers underscored, “A lion's share of these credits likely lack any tangible climate benefit.”

This revelation from Berkeley prompts profound contemplations regarding the carbon offsets market, especially in the wake of an episode a few months prior, when Verra, the top-notch carbon credit authenticator globally, marketed worthless offsets to leading corporate entities.

It’s worth reminiscing that Elon Musk, a year ago, expressed his disdain on social platforms, proclaiming, "ESG is a scam. It’s been commandeered by feigned social justice warriors."

Source : Zerohedge.com