The massive growth in tree-planting schemes and other carbon-offset projects developed to cash in on 'fixing" the global warming problem are in turmoil because they could lose their ability to make ridiclous profits.
Some say they could abandon their schemes by the end of the month because the federal government has delayed the emissions trading scheme. Many of the carbon-offset programs that boomed under the previous government's Greenhouse Friendly program will not be covered by the Rudd government's new national offset standard, which comes into force on July 1 when the Greenhouse Friendly scheme is wound up.
It was all smoke and mirrors anyway and did nothing to reduce carbon pollution, it simply allowed organisations to make millions of dollars planting trees. Without the endorsement of Greenhouse Friendly, which regulates and accredits Australia's carbon credit or ''offset'' producers, many offset producers will lose their ability to claim their projects help reduce carbon pollution.
All that does is expose them to the reality that their projects do not help reduce carbon pollution, They simply make money!
BP has said its carbon-offset program is now on hold, and Qantas has confirmed it is considering its options.
No doubt another sham scheme will emerge. There's always a creative way to make money out...
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