Trade 'em, swap 'em, enrich yourself and your friends

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It’s the same scam as renewable energy credits, which accomplish nothing, but transfer money from one group to another, all to the benefit of huge corporations and, of course, Wall Street.

RECs were exposed as a “feel-good” fraud at least as far back as 2009, and critics are still howling, but with billions to be made, meh.

Here’s an article from June 14, 2022:

The Renewable Energy Credit Scam

How do all of those companies claim to be 100% renewable energy powered? Well, they aren't. And a new report sheds light on how this scam happens. 

The problem begins with Renewable Energy Credits. The Verge reports, "A company receives a REC by paying to support renewable energy projects around the world. When brands say that they’re powering their business with 100 percent renewable energy, they’re typically still using electricity generated by fossil fuels; they’re just buying up renewable energy certificates to try to cancel out the environmental impact of their energy use."

These are like the new "indulgences," but instead of buying forgiveness and remission for your sins, you're buying the ability to tell people you haven't burned the fossil fuels you have in fact actually burned. 

The report's authors looked at 115 companies from various industries including Microsoft, Ford, and Best Buy.  "Combined," the Verge reports, "the companies reported reducing planet-heating pollution from their electricity by over 30 percent between 2015 and 2019." The researchers claim that report is overblown--by nearly two-thirds. The real number should be something like 10%. 

RECs explain the discrepancy. When you flip on the light switch, it's impossible to tell where the juice is coming from--gas? Wind? Coal? RECs are supposed to signal "a company’s financial support for renewable energy projects." So, in some roundabout way, RECs are meant to bring more renewables online and absolve companies of the guilt of having burned fossil fuel. Want to burn gas in California? Just buy this credit that says you helped pay for renewables somewhere else and we'll pretend that never happened!

But "as renewable energy projects have become more common, prices of RECs have tanked. At the moment, certificates are arguably not a strong enough revenue source to incentivize energy companies to bring new renewable energy projects online." [A temporary dip — they’re back. ED]

Well, "It's a Barnum and Bailey world / Just as phony as it can be..."