Greenpeace accuses China oil and gas firms of 'greenwashing' LNG purchases

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: Greenpeace has accused Chinese oil and gas companies, including PetroChina and CNOOC Gas and Power, of using low-quality carbon offsets to misleadingly label their natural gas imports as "carbon neutral"
• These companies have been purchasing liquefied natural gas (LNG) from Shell under long-term contracts, where the emissions are supposedly offset by forest projects

🔭 The context: Carbon offsets, particularly those involving forestry, are a contentious issue Greenpeace highlights that such offsets are often inconsistently measured and can be double-counted.  
• Additionally, many of these forest projects are at risk of fires, potentially reversing their role from carbon sinks to carbon sources

🌍 Why it matters for the planet: The use of dubious carbon offsets in the fossil fuel industry undermines efforts to accurately measure and reduce global carbon emissions
• The increasing popularity of "carbon neutral" LNG, especially in Asia, is concerning given the potential inaccuracies and risks associated with these offset strategies

⏭️ What's next: The concept of "carbon neutral" gas and the use of offsets are expected to be significant topics during the upcoming COP28 talks
• The discussion around LNG's role as a cleaner alternative to coal and its position in the energy transition is increasingly critical

💬 One quote: "For oil and gas companies in particular, carbon offsets are a smokescreen to obscure their continued, redoubled carbon emissions," - Li Jiatong, Greenpeace project leader

📈 One stat: China's gas consumption is projected to reach 250 billion cubic meters by 2026, accounting for nearly half of the new global demand

Click for more news covering the latest on carbon