The Fortescue founder says the global carbon credit market can’t be trusted. Aaron Patrick asks if he can.
Now, Forrest says the global market for carbon credit offsets is corrupt. If you make your livelihood in this burgeoning industry, do not share this with your clients! The Guardian“Companies think they can continue piling emissions into the world, and cover their tracks with carbon offsets,” he said. “But carbon credits are really questionable,” he told the Guardian in an interview in London. “We are pushing beyond carbon credits.
If the directors want to avoid hours of annoying AGM criticisms, they have a choice: tell their employees to plant millions of trees, which may be complicated if they don’t have expertise in forests, or buy the offsets. Maybe there is a discount for anything Forrest says. I don’t know. Forrest is weird. What billionaire? I wouldn’t be surprised if fund managers thinking of investing in Fortescue Metals Group, of which he is executive chairman, ask themselves: “He doesn’t buy art and boats like regular rich people. Can we trust him?”
Formal financial disclosures, especially by big companies, are expected to be legally and commercially rigorous. Fortescue’s finance department can’t just tell an intern to go to Forrest’s office and ask him what he’d like the numbers to sound like, and then say to the company secretary: It’s okay to put out! The forecasts came from Andrew’s brain!
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