Carbon Offsets — Buyer Beware

This whole “carbon offset” thing is a scam from the get-go in the best tradition of the medieval Church, designed by the manipulative to flummox the good-intentioned into buying themselves absolution from the guilt of their own existence by making indulgence payments for having the nerve to exhale the dread pollutant CO2.

Congress began investigating the carbon offset industry this week. The inquiry could produce some “inconvenient truths” for Al Gore and the nascent offset industry.

Carbon offsets ostensibly allow buyers to expunge their consciences of the new eco-sin of using energy derived from fossil fuels. Worried about the 8 tons of carbon dioxide (CO2) emitted each year by your SUV? Similar to the indulgences offered by Pope Leo X in the 16th century, you can absolve yourself of sin by purchasing $96 worth of CO2 offsets – typically offered at $12 per ton of CO2 emitted – from offset brokers who, in turn, supposedly use your cash to pay someone else to produce electricity with low or no CO2 emissions.

Last year, offsets representing 23.7 million tons of CO2 were sold to businesses and consumers. Sounds like a lot of CO2 emissions were avoided, except when you consider that annual natural emissions of CO2 amount to hundreds of billions of tons.

The physical world aside, the CO2 offset marketplace itself is questionable – hence this week’s congressional hearing entitled, “Voluntary Carbon Offsets: Getting What You Pay For.” The hearing is particularly notable since it was called by a Democrat-run Congress, concerned that global warming alarmism is being jeopardized by dubious marketing and consumer rip-offs involving offsets.

One can only hope for some rationality on this for a change, but given that it’s involving the Congress, the Chief isn’t holding his breath in anticipation of it.