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EMISSIONS: Germany Rejects Carbon Credits Amid Fraud Concerns in C

EMISSIONS

The German Environment Agency said on Friday it rejected carbon credits for 215,000 tons of CO2 emissions from oil companies according to Reuters. 

  • Germany rejected the credits due to suspected fraud involving climate projects in China that were meant to help oil companies to meet EU GHG reduction targets.
  • Germany uncovered irregularities concerning eight climate projects in China.
  • Seven out of the eight applications for project approval have been withdrawn after legal and technical issues were pointed out. Germany is now reviewing 13 additional projects.
  • Companies tend to meet EU GHG reduction targets by using plant-based biofuels or upstream emission reduction (UER) projects, that allow companies to earn credits by funding initiatives that cut emissions during oil production. 

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