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He helped offset companies’ planet-warming pollution. Now he’s accused of fraud

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By illuminem briefings

· 2 min read


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

🗞️ Driving the news: Ken Newcombe, the former CEO of C-Quest Capital, has been indicted on fraud charges for allegedly inflating carbon credits tied to efficient cookstove projects
The charges, which involve manipulating data to overstate emissions reductions, come as part of a larger scheme involving tens of millions of dollars in bogus credits
This case highlights vulnerabilities in the voluntary carbon credit market

🔭 The context: C-Quest's projects, including cookstove initiatives in Mozambique, were designed to reduce emissions by providing efficient stoves to low-income households
However, the rapid expansion of the voluntary carbon market led to corners being cut, with defective stoves and manipulated data being used to sell more credits than justified

🌍 Why it matters for the planet: Carbon credits are a critical tool in global climate mitigation efforts, but this scandal underscores concerns about the credibility and accountability of such markets
Fraudulent credits undermine trust and could discourage corporations from investing in legitimate offset projects

⏭️ What's next: Newcombe and his co-defendant Tridip Goswami face legal proceedings, while C-Quest, under new management, cooperates with authorities
The voluntary carbon market, already facing criticism, may see increased scrutiny and reform to prevent future fraud

💬 One quote: Newcombe’s spokesman claimed he is "confident that if he lives to see a jury hear this case, that jury will reject these false charges"

📈 One stat: C-Quest's buyers included major corporations like BP and Shell, but 27 of its cookstove projects have been suspended since the fraud allegations surfaced

Click for more news covering the latest on carbon market

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