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🗞️ 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
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