Shell’s flagship carbon capture project has made over $200 million (CAD) selling emissions credits for reductions that never happened, according to a new investigative report Selling Hot Air from Greenpeace Canada. [1] The findings come as Canadian oil sands companies advertise carbon capture and storage (CCS) as a solution to oil sands pollution, while lobbying against regulations that would cap emissions from the sector. [2]
Freedom of Information documents obtained by Greenpeace show that Shell lobbied for and received a 2-for-1 deal during 2008 negotiations with the Government of Alberta as a way to further subsidize the project. Under this deal, Shell was able to sell credits for two tonnes of CO2 for every one tonne that it actually captured – and keep all the profits.