As of March 4, 2021, the U.S. Securities and Exchange Commission is looking for tips on false and misleading climate disclosures. We welcome this since we petitioned the SEC in August 2019 to take action against climate lying. Here is today’s example (and tip for the SEC) of climate lying from Delta Airlines.
Delta issued a media release today (Web | PDF) about going carbon neutral.
Moving past the obvious nonsense about “zero impact aviation” and “combatting climate change” — nether of which is possible — consider this statement in the release:
Is it truthful to claim that carbon offsets are “a viable, proven and immediate way to make an impact today”?
Are carbon offsets ‘viable’?
What does that even mean? Yes, you can buy them. Yes, you can greenwash and hide behind them. But try describing your financial results to investors merely as ‘viable’ and see what regulators have to say about that.
Are carbon offsets ‘proven’?
No. “The idea of carbon offsetting, which underpins so-called net zero targets, is founded on a number of myths,” according to 41 scientists. The basic problem is that while emissions happen in real-time, offsets might only happen at some distant point in the future — and the offsets are not really verifiable. Check out these 10 myths about net zero targets and carbon offsetting. (Web | PDF)
Are carbon offsets ‘immediate’?
How can they be immediate from an airline? Emissions happen in real-time. Offsets, if they happen at all and haven’t been double-counted, happen much later. Even if you purchase offsets ahead of time, that does not mean that the CO2 has already been stored somewhere or soon will be.
Delta gets four Pinocchios and a referral to the SEC Climate Task Force.
For geezers who will get this: “Delta is ready when you are. Delta is ready to f̶l̶y̶ lie.
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Carbon offsets are as real as CAGW.
As in they exist only in the minds and models of the religious adherents to the church of climate Armageddon. An imaginary solution to an imaginary problem. Seems fitting.
So if Delta budgeted $30 million to “offset” 13 million metric tons of emissions, that’s about $2.31 per ton. Now let’s see if anyone can figure out how to sequester a metric ton of CO2 for $2.31.
For comparison, a simple-cycle gas-fired power plant, with an assumed efficiency of 35%, can produce about 1,768 kWh of electricity while emitting 1 metric ton of CO2. If the electricity is sold for $0.12 per kWh, customers would pay $212.16 for the electricity generated by enough gas to emit 1 metric ton of CO2.
If the CO2 emissions were sequestered, the power required for compression of CO2 consumes about 20% of the power generated, meaning that the same amount of natural gas burned would only produce 1,768 * (1 – 0.20) = 1,414 kWh, which would sell for $169.68. The power company would lose a net 212.16 – 169.68 = $42.48 of revenue by sequestering 1 metric ton of CO2.
So what Delta is paying for the offsets is only about 5.5% of the cost of sequestering CO2 emissions from a relatively efficient gas-fired power plant.
Keep
A sharp eye on the progs.
https://www.americanprogress.org/press/release/2021/02/19/496116/release-sec-must-regulate-climate-risk-now/