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Shell Sold Millions of 'Phantom' Carbon Credits
Shell sold millions of carbon credits tied to CO2 removal that never took place [non-paywalled link] to Canada's largest oil sands companies, raising new doubts about a technology seen as crucial to mitigating greenhouse gas emissions. FT: As part of a subsidy scheme to boost the industry, the Alber...
Shell sold millions of carbon credits tied to CO2 removal that never took place[ non-paywalled link] to Canada's largest oil sands companies, raising new doubts about a technology seen as crucial to mitigating greenhouse gas emissions. As a result of the scheme, Shell was able to register 5.7mn credits that had no equivalent CO2 reductions, selling these to top oil sands producers and some of its own subsidiaries. Shell said carbon capture played "an important role in helping to decarbonise industry and sectors where emissions cannot be avoided" and that realising its potential "requires creating market incentives now."
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