The prime beneficiary of looser rules on offsets could be the industry largely responsible for the global climate disaster.
John LaForge, head of real asset strategy at Wells Fargo Investment Institute, joins BNN Bloomberg to discuss the top catalysts that could drive up oil prices.
While SBTi’s board didn’t reference specific companies or industries, oil and gas firms have the greatest Scope 3 emissions of all. As such, they have the most to gain from a climate standard that puts more weight on carbon credits. Other sectors with large Scope 3 profiles include agriculture, financial services and automakers.
“Oil and gas have proved to be the least interested in actually reducing their huge Scope 3 emissions and have the most to gain by simply offsetting them,” said McKenna. “As I saw during my four years as environment minister in Canada, oil and gas was not only unwilling to be part of the solution, they worked at every opportunity to thwart progress on climate.”
“It’s bonkers to allow oil and gas to claim that they are climate leaders when they fuel the climate crisis and offset their emissions by buying cheap credits rather than transforming their industries,” McKenna said.
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