Germany Blocks CO2 Vouchers for Oil Companies Over 215,000 Tons Fraud Concerns in China

Sep 6, 2024, 06:50 AM

Germany's Federal Environment Agency has blocked CO2 vouchers for oil companies due to fraud concerns in China. The agency found irregularities in previously approved projects and is investigating 17 people on suspicion of commercial fraud. It rejected carbon credits for 215,000 tons of CO2 emissions from oil companies. The investigation follows a whistleblower's report in January about problems with state-approved carbon offsets projects. The government has released its first results on 8 of 75 projects, revealing significant issues. These credits traded at €440 per ton at their peak in 2022.