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illuminem summarises for you the essential news of the day. Read the full piece on Mongabay or enjoy below:
🗞️ Driving the news: Brazilian Federal Police have indicted 31 individuals involved in a major carbon credit fraud scheme in the Amazon
• The operation, dubbed "Operation Greenwashing," uncovers fraud linked to two REDD+ carbon credit projects, which were simultaneously laundering timber while selling carbon credits to major corporations
🔭 The context: The investigation, sparked by a 2024 report from Mongabay, focused on two REDD+ projects, Unitor and Fortaleza Ituxi, covering over 140,000 hectares of the Amazon
• These projects, intended to reduce deforestation, were instead used to launder illegally sourced timber, revealing significant corruption and fraud within Brazil’s carbon credit market
🌍 Why it matters for the planet: The fraud undermines efforts to combat deforestation and climate change through carbon credits, a tool meant to finance conservation
• The involvement of major corporations, including Nestlé and Boeing, raises concerns about the transparency and integrity of global carbon markets, which are essential for achieving climate targets
⏭️ What's next: As the investigation progresses, Brazil’s environmental agencies, along with the police, are working to dismantle the fraudulent networks
• This case could lead to more stringent regulations on carbon credit projects and tighter scrutiny of companies purchasing these credits, pushing for a more transparent and accountable carbon market
💬 One quote: “The fraud undermines efforts to combat deforestation and climate change, highlighting gaps in the system.” — Federal Police of Brazil
📈 One stat: The Unitor and Fortaleza Ituxi REDD+ projects covered more than 140,000 hectares, about 350,000 acres, of the Brazilian Amazon
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