My good friend and occasional blog pinch-hitter, William Teach of The Pirate’s Cove, has an article this Friday morning on the Biden Administration prosecuting a major ‘carbon offset’ sales company for fraud:

C-Quest Capital LLC Chief Executive Officer Kenneth Newcombe, who stepped down as CEO in February, was indicted Wednesday in New York on wire fraud and commodities fraud charges. He faces up to 20 years in prison if convicted on the most serious charges.

C-Quest develops emission-reduction projects to earn carbon credits that can then be sold to companies or other entities that wish to offset their own emissions. Newcombe, a onetime Goldman Sachs Group Inc. managing director and World Bank official, founded C-Quest in 2008.

You can read the rest on Mr Teach’s fine site.

But this one speaks to me, due to my experience. It was 2003, and carbon offset salesmen came and made a presentation to the concrete company at which I worked. Ready-mixed concrete producers use pozzolans, materials which are not cementitious alone but when mixed with Portland cement during the production of concrete utilize the excess calcium hydroxide liberated to become cementitious. We use them because they are less expensive than cement. The two most frequently used are flyash, which is harvested from the ignition byproducts of burning coal in power plants, and ground granulated blast furnace slag, the material left over from the smelting of iron ore.

The manufacture of Portland cement is a major carbon dioxide (CO₂) emitter, so by the partial substitution of flyash, ready-mix companies reduce their carbon footprint. The salesmen told us that we could gain carbon credits every time we used flyash instead of cement, and that we could sell those carbon credits to other companies, to make it look like they were doing something to help fight global warming climate change, but, since it wouldn’t have changed how we did business since we were already using flyash — other than requiring some bookkeeping — it wouldn’t have reduced CO₂ emissions at all! It was simply a way to take money, taking it from one CO₂ emitter and giving it to a company which emitted less CO₂; virtue signaling for the first, without having to actually spend significantly more money to reduce their emissions, and extra money for us, for doing what was already in our own economic interest.

Is anyone really surprised that fraud would be involved? When it comes to global warming climate change, the scammers and fraudsters will always be buzzing around.