From NOT A LOT OF PEOPLE KNOW THAT
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.
Well that didn’t take long when the claim of the first net zero steel was made I suggested this would happen. Australian billionaire Twiggy Forrest was the first to play this game as he tries to court a whole pile of ethical investment groups with a rather ambitious plan.The original plan was a massive emission cut by march 2021 which came and went and when that happens what do you do … you double down
https://www.pv-magazine-australia.com/2021/08/18/twiggy-forrests-green-hydrogen-ambitions-will-require-renewables-at-3x-australias-total-energy-consumption/
https://www.abc.net.au/news/2021-10-05/fortescue-metals-to-eradicate-customer-emissions-by-2040/100514894
So there you have it now we have “green iron ore” what could possibly go wrong 🙂
This is the Australian billionaire?
Stand by. Coming next week, Chinese ‘Carbon-Neutral’ Coal.
ROFL now that would be classic can you imagine the greentards struggle with that one.
As I wrote commenting another message, in the climate fanatic EU it is a question of “Taxonomy”… you just make some meetings of “experts” appointed by governments and you change the meaning of the word “coal” in the “taxonomy” and by miracle it becomes “green”…
They changed “pandemic” during the fake “swine flu” (that no miss piggy ever had) and when faced with the accusation of changing terms, they used the conspiracy argument to shut down critics – probably re-launching the conspiracy movement in France…
While I agree that the whole “carbon credits” thing is a giant invitation to scammers, carbon neutral oil is a reality. Denbury Resources oil production operating in Texas uses massive amounts of CO2 in their very productive and profitable Enhanced Oil Recovery process. This sequesters the CO2 and they’ve calculated that the amount sequestered exceeds the CO2 produced through production refining, transport and consumption. David Middleton has posted details earlier this year.
All oil is carbon-neutral. Until you burn it.
Well burning it doesnt incease the amoiunt of carbon does it?
Only carbon 14 isn’t carbon neutral.
For once, we are ahead of the Chinese. Several years ago, a coal company came into my company and pitched, you guessed it, carbon neutral coal. It was based on the premise the coal emission would be offset by protected forests. Go figure.
They should have added an extra tree to that forests and made the coal carbon negative. ‘The more you burn the less carbon dioxide there is!’
Take it one step farther: “carbon negative” coal
ROFL
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If they have such great job opportunities at home why do so many travel to the Middle East countries like Qatar, Kuwait, Dubai, etc., to work?
So what.
Carbon neutral oil is like genozide free communism- it exists in theory and ain’t more bizarre than Biden pretending to be president(as long as the apprentice doesn’t mute his mic and the smell of his diapers doesn’t result in a strategic retreat).
It’s simply woke oil.And it releases non binary cis gender co2,not the patriarchal man made one.
The harmles gender neutral(and therefore carbon neutral) climate irrelevant co2 that fails to warm Mars with a 95% co2 atmosphere
and that failed to cause a runaway effect on earth in hundreds of millions of years when co2 levels were magnitudes higher.
Genozide be a cancer cure and covid cure too.
Actually what is the temperature, global , regional extremes etc, of Mars amd what would radiation theory calculate for a Martian temperature
a) in the absence of atmosphere and
b) with the atmosphere as it is .
If I dont get a volunteer I will have to reseearch it myself and publish my findings here
More likely ‘carbon neutral oil”, like Communism, is just over the horizon.
This is very sensible.
Of all the things to criticise China for, playing silly games with Carbon Credits is very low on the list.
It matters not a jot.
Don’t believe a word of it. Don’t expect to clearly see pebbles at the bottom while the storm is raging overhead.
From petrol head to Carbon neutral head?
Doesn’t sound right at all
Well, one of the biggest climate scam pushers (Maurice Strong) has been CEO of several Fossil fuel companies – and he spent the rest of his life hiding in? China.
So It’s integral part of AGW.
Dictators and Nazi scientists usually end up hiding in the USA (marcos,somoza,gullen,Wernher &Magnus von Braun,Axster, Holzer,Baars)
Oligarchs who are kicked out of a country hide in the city of London.
And compulsive American philant… billionaires ? Hide in a communist country.
wow someone downvoted you for telling the absolute truth?
sheesh
I think you missed that one.
A bit of a whoosh moment
If Sxyxs is in the US we use the term “gear” head, instead of petrol head. From the days of manual shifting…when men were men and women were happy about that…
I wonder when narcos will start moving their money with “carbon credits”? This is no different than the fake money used for International money transfers, and the CAGW crowd would applaud their “conversion”.
Cryptocurrencies are the big deal. Fake money and very good for criminals.
I wonder when terrorism will be funded by purchasing and selling ‘carbon credits’. Perhaps it already is.
I wonder how many times any given carbon credit is going to get sold? When you “redeem” them, where do they go? Back to the “IN” basket?
have they done as the Al-goracle did and made it a listed cash cow too?
he got a LOT of money selling off the carbon credit exchange from memory
after it peaked and was starting to tank
He used the ex politician insider trading scheme and sold his (freely acquired) carbon credits from the Chicago Carbon exchange and sold short. I believe the CCE credits bottomed out at 15 cents, earning him roughly $75 million. He started with a net worth of approx. $1.5 million following his run for president.
Sunnuva gun!
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The Chinese are at it again; intellectual property theft.
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They stole my personal ‘Carbon Neutral’ plan. I happen to have my own Carbon Offset Certificates that I buy from myself.
The money is then used on Green projects such as trees for my landscaping, plants for my garden, plus solar-powered heating to keep me warm (I lay out on the beach and stay toasty warm using no fossil fuels whatsoever to do so). If it it gets too warm, I forsake air-conditioning and cool off with a dip in the ocean.
Any excess funds are set aside for the largest carbon offset project I will ever undertake. When I have sold myself enough carbon credits, I will purchase the new, 2,000 horsepower, all wheel drive Bugatti EV.
You can’t get any more ‘Caaaaaahbon’ neutral than that. I will be a carbon neutral, solar powered Light Unto the World.
Oops! Forgot the link to such a lofty and worthy goal.
https://www.thedrive.com/tech/41414/rimac-just-bought-bugatti-heres-why-its-a-huge-ev-bet-for-vw
Based on what we know about Hollywood accounting, I’m pretty sure the movie industry invented that scheme. Of course, since they are true professionals, I can’t prove that. 🙂
The word ‘DEEMED’ does serious damage to the legal profession. It is a wide open door to intellectual corruption.
I think that makes it a serious boon to the legal profession. Any ambiguity is a cash cow for lawyers.
Buy enough carbon credits and you can claim anything, which would be as hypocritical as Al Gore, Bernie Sanders, and John Kerry flying all over the would in private planes, spewing CO2, to fight climate change, as they profess; a holes all.
Now that you mention it, just how much CO2 spewing will the eventual remote windmills (refined steel towers bearing petroleum sourced composite plastic blades solidly embedded in cooked up concrete footings) and solar installations (superheated purified silicon framed in aluminum and footed in concrete) take to be materially sourced, formed, and installed along with all the long stretches of cable to get the electrical proceeds to impatiently waiting consumers to charge their electric vehicles (constructed of similarly mined and transported iron and aluminum ores as well as petroleum sourced plastics and so must therefore travel over 70,000 miles to save their first excess molecule of internally combusted CO2)? Ah, the transformative powers of partial accounting do readily boggle our simple minds!
As this idea actually comes from UN Climate Finance Czar Mark Carney, and it is based on these kinds of dodgy practices :
Costello Proved (13×7=28) to Abbott
https://www.youtube.com/watch?v=0HQPQkP5y_8
As Budd said sure he went to school, stupid, and came out the same way.
No matter how you add, divide or multiply, Budd is always right!
Now van der Layen wants such carbon credit border checks on trade.
I wonder where all this paper is actually traded?
https://ctxglobal.com/history/
So his is a U.K. Australia operation – who would have thought?
It should be easy then for Australia to export carbon neutral coal and for BoJo to declare, that Global Britain’s coal reserves are actually carbon neutral – start digging!
“Carbon neutral”, like “certified organic”, is a scam, but, very rewarding for the agency that certifies.
Aka John Kerry Oil, the smart green entitlement oil of the elites
Yep, the plan is finally working for those who have a bridge (to Net Zero) to sell!
I am amazed at China’s moderation. If it’s as simple as printing “Carbon Credits” why don’t they declare themselves carbon neutral now? Then show up at COP26 and give everybody else a telling off for not trying harder. But even Joe Biden wouldn’t fall for that, would he?
At COP26, the ChiComs will spin forced shutdowns of energy deliveries to consumer, commercial and industrial customers as “fighting climate change” and whip the West with their virtue. Politicians, NGOs and the media will applaud China’s “action on the climate crisis.”
What next? Carbon free oil?
Carbon free carbon?
Trouble is, they cook the books,and believe their own bravo sierra.
Evergrande, anyone?
Brilliant. Double Entry Carbon Accounting.
A few centuries ago, monks invented double entry accounting to hide their winemaking profits. It worked so well it became the standard worldwide.
The beauty of double entry accounting is that your books always balance to zero. If they dont you have an accounting error somewhere.
Now with double entry carbon accounting your carbon will also always balance to zero. Any non-zero carbon balance is an accounting error.
By switch from single entry carbon accounting to double entry following the GAAP, the countries of the world can become carbon neutral much sooner than 2050.
GACAP. Generally Accepted Carbon Accounting Principles.
Debit carbon one side of the ledger, credit carbon the other side of the ledger.
That isn’t how double entry bookkeeping works. If you keep honest books, somewhere in there you will find an entry for your profits. If you keep dishonest books, you may find something like labor or material cost are higher than they should be. Not showing a profit is a warning sign that there is something wrong with the books and you need to take a much closer look because a business without a profit shouldn’t last long.
This is why one method of fraud involves keeping two sets of books. One public and the other only viewed by the people needing the information to make decisions.
In this case, China will probably recover the money by tapping into the environmental program as that will be hidden from the public. The books for the oil transaction will be completely public and will withstand any audit. Note that money might flow back from the environmental program to the pockets of the executives.
And yes, I keep an honest set of books. The need to pay taxes is a good thing as it indicates you’re making a profit. Knowing how to cook the books is important because that will tell you what the IRS will look for in an audit. That’s also the reason you document every transaction so every expense can be justified.
entry for your profits
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What you failed to mention is that each year end, under GAAP your Profit Loss is reset to zero and the net is transfered to the Balance Sheet.
And the Balance Sheet after year end? This always adds up to zero if you have an honest set of books.
As far as any expenses go such as labor and materials. These are zeroed at year end. All you have are assets and liabilities. You have no expenses.
So don’t try and misdirect the readers by talking about dishonest accounting.
.
.
Snake oil!!! (Sorry – couldn’t resist.)
Carbon free snake oil surely.
But can’t we all buy carbon credits and carry on with business as usual?
Do you have the cash to afford the carbon credits? $80/ton, or whatever the masters declare.
Hmmm….can we buy them on credit then and carry on business as usual?
China’s pledge for the Paris Accord was stop stop increasing their output around the year 2030. They’ll probably need this kind of accounting to be well accepted in order to say they are still on track while continuing to plan for increased power consumption and auto traffic.
So basically the same as European energy companies then?
I am investing in Indulgency futures.
Well, if Biden can spend 3.5 trillion dollars on “infrastructure” ( which is actually almost entirely social spending) for Zero Dollars, then the Chinese can produce net zero CO2 producing fossil fuels. I think these people all went to the same woke economics class.
All you do is condense Unicorn Farts add 15% refined Moonbeams and hay presto Carbon Neutral Oil anyone can make it if you have the right stuff.
James Bull
Maybe China considers coal “biomass” so that it also is carbon-neutral.
Ahhhhh, the brave new world of carbon (CO2) accounting. Create your own carbon credits sufficient to indulge virtue signalling for a continent sized country like China! Solar, wind, oil, tar sands, and coal can all be cleaned as white as the driven snow, with carbon (CO2) accounting!
Order today and we’ll include a second order of carbon (CO2) credits for 50% off the regular price!
Next up are slave-made green products for greenwashing of red Chinese. I mean in addition to slave-made solar panel components comprising 50 percent of global solar panel products now.
I recall the out-of-field examiner on my thesis committee saying that there is no human rule that cannot be got round by another human that wants to. I’m pretty sure that most of the CCP are effectively Jedi Masters in this art.
It seems to me that China is way ahead in this game due to all the forced abortions the government forced on its population for years since it prevented millions of future people from being born and producing that evil CO2.
The Chinese have had thousands of years practice at making stuff up, even fake food. So no surprise to me.
“Certified Emissions Reductions Credits”
Has anyone read any European History, particularly Dutch history and recall the Great Tulip Mania of the 1600’s.
Seems to me to prescient of what is going on now.