BRUSSELS, May 3, 2012 (Tierramérica) - Major publicly traded U.S. corporations, including Dow Chemical, ConocoPhillips, Chevron and Cabot Corporation, have secured multi-million-dollar dubious carbon credits to compensate for their greenhouse gas emissions in Europe, as revealed in this investigative report.
Dow scored the largest purchase volumes. The Michigan-headquartered giant owns dozens of CO2-venting plants producing plastics and chemicals in Germany, the Netherlands, Belgium, Spain and Poland. Altogether, those plants ranked 21st among the top 100 European buyers of certified emissions reduction certificates (CERs) that originated from questionable projects.
Power and processing plants operating in the European Union (EU), including subsidiaries of U.S. companies, are required to reduce their greenhouse gas emissions – which cause global warming – by switching to cleaner technologies or offsetting their emissions through the purchase of CERs.
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