A prime minister has been forced out of office over a scandal centering on a crucial raw material for the transition to renewable energy.
One of the largest sellers of carbon offsetting credits - the virtue-signaling tokens pushed by high-end restaurants and business class airlines - finds itself ensnared in a controversy over exaggerated claims.
The founder of an electric truck maker, committed to reducing carbon emissions, has been jailed for misleading investors.
Is this the start of what might be termed “green scandals”? Could this be just the tip of the iceberg?
Governments around the world are throwing hundreds of billions of dollars and euros at hitting their net zero targets.
Yet, history teaches a simple lesson.
Where there is huge quantities of “free” money available, fraud and massive waste often follow.
In the US, President Joe Biden is spending an estimated $720B on the energy transition; and with open-ended tax credits the final bill may break the $1T mark.
The trouble is, these sorts of commitments, and the very real concern that success will be judged not on outcomes but rather on how much money is “invested”, throw up countless opportunities for sharp practice. (The Telegraph 11/10/23) The first great green scandals are just the tip of the iceberg (msn.com)
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