It reveals a shocking truth: New Zealand has been a willing participant in a wholesale climate fraud.
We’ve been dealing with criminals and fraudsters in order to meet our international obligations.
If our reputation wasn’t shot to pieces after Paris – where we revealed our weak kneed 2030 target – it will be now.
Carbon trading is a fine idea but it only works if the credits we buy actually represent a true emissions reduction somewhere else.
The sad truth is that the foreign credits New Zealand has gorged on up until now have produced little to no climate benefit.
New Zealand’s main vice has been a particular type of carbon credit called the Emissions Reduction Unit (ERU).
These are issued for emissions-reducing projects in countries participating in the Kyoto Protocol.
The idea is that the revenue from selling ERUs would make projects viable that wouldn’t be otherwise.
Over 90 per cent of ERUs have come out of Russia and Ukraine and under Kyoto they were allowed to authorise their own projects.
No surprise that when they were externally audited this year 85 per cent of the units didn’t stand up to scrutiny.
They are essentially worthless bits of paper.
(ed:..this is relevant..’cos keys’ post-paris plan is for nz to just contimue as before..and to work the cost of required carbon credits into overheads..
..and to continue to put off until tomorrow what needs to be done today..
..key is an environmental-criminal..)