Congress: Maybe that $89,000 on so-called carbon offsets was a mistake…

Posted by Pam on 1/28/2008

Some of the money went to farmers in North Dakota, for tilling practices that keep carbon buried in the soil. But some farmers were already doing this, for other reasons, before the House paid a cent.

Other funds went to Iowa, where a power plant had been temporarily rejiggered to burn more cleanly. But that test project had ended more than a year before the money arrived.

They paid for services that were going to be done no matter what. They also sent money after the fact, hence rendering the money useless based on intention.

“It didn’t change much behavior that wasn’t going to happen anyway,” said Joseph Romm, a senior fellow at the Center for American Progress who writes a blog calling for more aggressive action on climate change. “It just, I think, demonstrated why offsets are controversial and possibly pointless. . . . This is a waste of taxpayer money.”

The House bought its offsets through the Chicago Climate Exchange, a five-year-old commodities market where greenhouse-gas credits are traded like pork bellies.