OCTOBER 6, 2021
By Paul Homewood
You could not make it up (but the Chinese can!)
SINGAPORE: China‘s refining giant Sinopec Corp said on Wednesday it has jointly certified the country’s first carbon-neutral crude oil cargo with shipping giant Cosco Shipping and China Eastern Airlines .
The 30,000-tonne cargo was produced by Sinopec in Angola and shipped by Cosco Shipping to an east China-based Sinopec refinery for processing, Sinopec said.
To offset the carbon dioxide produced during the process from crude production to shipping to consumption by vehicles and airplanes, the three state firms bought Chinese Certified Emissions Reductions credits.
These credits that will go to investing in carbon-reducing projects such as tree planting, solar, wind and biomass power generation in China.
Quite apart from the fact that carbon credits such as these are worthless, what about the double counting involved?
All of the solar, wind and biomass power talked about will be treated as carbon free anyway, so how can China claim that this oil is too?
You will recall that President Xi promised a few months ago that China would be “carbon neutral” by 2060, carefully avoiding any promise of zero emissions.
Now we know that it will all be smoke and mirrors, with real world emissions being masked by dodgy accounting practices.