Motorists in a major European country paid over a billion dollars for alleged climate protection projects in China that are suspected of being fraudulent. German mineral oil companies are expected to meet legally prescribed climate targets, but they can achieve them by reducing CO2 emissions anywhere in their supply chain, including overseas. These “Upstream Emission Reduction” (UER) projects can be financed by German companies and count toward German climate balances. Multiple companies have been opting to finance projects in China, some of which were paid for by motorists through climate taxes at gas stations.
Germany’s Federal Environment Agency claims that 45 of the 66 UER projects in China were fraudulent, with Chinese projects unable to deliver what they had promised. The Berlin Public Prosecutor’s Office has also been investigating at least 17 people connected with commercial fraud relating to climate scams, focusing on auditing companies that certified and validated the projects.
Earlier this year, the German government rejected carbon credits for 215,000 tons of CO2 emissions due to suspected fraud in China.
According to some estimates, the cost of achieving net zero carbon emissions set by governments worldwide could be a staggering $275 trillion by 2050. The global GDP is around $100 trillion per year.
Billions of dollars have already been spent on climate change initiatives, but few real results have been seen so far.
In Sweden, a Swedish Taxpayers’ Association survey ranked climate change spending as the biggest waste of public money. The poll results came after the government spent billions on carbon reduction only to see emissions increase.
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