A second carbon auditor has been suspended for nonexistent or dubious auditing practices. The whole carbon offset scheme increasingly seems just an excuse for big money to create another financial market to game and exploit, rather than any real way to mitigate climate change.
The legitimacy of the $100 billion (£60 billion) carbon-trading market has been called into question after the world’s largest auditor of clean-energy projects was suspended by United Nations inspectors.
SGS UK had its accreditation suspended last week after it was unable to prove its staff had properly vetted projects that were then approved for the carbon-trading scheme, or even that they were qualified to do so.
Why were such incompetents even appointed to do the job? Given such shoddy auditing for carbon-trading as this whole mad scheme begins, no one should have any illusions that it will do anything except create another financial bubble to be exploited than cast aside when it bursts, regardless of the damage caused. And it won’t help the environment.
Europe’s failure to properly regulate the carbon trading scheme and produce verifiable emissions reductions is clear evidence that such market mechanisms, which too easily evade regulation, may function better as symbols of action than as a legitimate means of effecting emissions reductions and mitigating climate change.