Oil Exports or Carbon Credits The Global South's Dilemma

Earlier this month, the Science Based Targets initiative caused a revolt among its employees when it announced it would allow the use of carbon credits to offset Scope 3 emissions. The revolt promptly made SBTi change its mind under pressure from those claiming carbon credits were no way to advance the net-zero agenda because all they did was allow emitters to keep emitting. A lot of poor countries would beg to differ, beginning with Guyana —the oil hotspot.

This week, Forbes columnist Ken Silverstein wrote an article, in which he argued that rainforest nations such as Guyana would make more money by getting paid to keep its forest alive than by exporting its crude. To say that this statement is questionable is putting it mildly. Report after report show that carbon credits do not work as advertised and yet they are still being pushed as a win-win solution to what many claim is our carbon problem—while the world’s oil demand continues rising.

Oil Exports Carbon Credits Upstream Guyana

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