Fossil fuel companies are aiming to profit from a new United Nations’ carbon market by selling carbon credits linked to gas-fired power plants they have already built.
At the Cop28 climate summit last December, governments agreed to set up a new global carbon credit market under Article 6.4 of the Paris Agreement – and a host of fossil fuel firms and their middlemen are now trying to cash in by making their projects eligible for trading.
Developers applied for thousands of projects to be transferred over from the old discredited Clean Development Mechanism (CDM) to the new market that will be established, before the deadline of January 1 this year.
Most of these projects are for renewable energy – which, while good for the climate, have stirred debate. Critics argue that they do not need additional funding from selling carbon credits because they are profitable without it.
However, more controversial are ten projects Climate Home News has identified, based largely in Asia, which backed the construction of power plants that run on natural gas, one of the fossil fuels governments agreed to transition away from at Cop28.
If approved by their host nations, the projects would transfer more than 10 million old gas-linked credits – equivalent to the reduction of 10 million tonnes of carbon dioxide (CO2) emissions a year – to the new Paris carbon market.
“These projects are entirely inappropriate,” said Carbon Market Watch researcher Jonathan Crook. “Some were registered as far back as 2009. It’s unreasonable to assume they expected to rely on revenue from a new market mechanism in 2024 – not to mention that these projects may lock in fossil fuel emissions and infrastructure for years to come, among other issues.”
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The Integrity Council for the Voluntary Carbon Market was set up in 2021 in a bid to ensure that carbon credits deliver on the emissions reductions they have promised and have a positive impact for the climate. In its categorisation of different types of carbon credit, offsets issued for gas-fired power plants are given the worst ranking.
Similarly, BeZero, a ratings agency for carbon credit projects, looked at three of the CDM gas projects that have applied for transfer to the new market. It gave them a ‘C’ grade, meaning they “provide a very low likelihood” of reducing emissions by as much as they claim.
It cited the “minimal impact” of carbon credit revenues on the project’s overall financial situation and the risk of methane leaks from gas infrastructure that would make the projects more polluting than asserted.
Chinese gas-fired plant
The biggest project is a gas-fired power plant built by China’s state-owned oil and gas company CNOOC and Japanese conglomerate Mitsubishi in 2010 in the province of Fujian, China, just across the sea from Taiwan.
To fire the plant’s four turbines, CNOOC and Mitsubishi imported gas from an Indonesian gas field called Tangguh, which they both had stakes in, through the CNOOC-owned Fujian gas import terminal.
In addition to the income they received from selling the gas, importing it through the terminal and then selling the electricity it produced, they also submitted an application to the CDM to develop and sell carbon credits linked to the plant.
By their own calculations, the plant would emit 2.3 million tonnes of CO2 a year when fully operational. But if they didn’t build it, they said the electricity would come from coal, emitting over 5.3 million tonnes of CO2 a year. So they claimed credits for reducing the amount of CO2 that would have entered the atmosphere by an annual 3 million tonnes.
Justifying this assumption, they said that oil was too expensive and zero-carbon alternatives were not viable as an alternative. Most of Fujian’s hydropower potential had already been tapped, while wind power was “just start-up” and “of seasonal nature”, they added. They did not even mention solar power – now the cheapest electricity source.
However, coal’s main competitors in the province are not gas but nuclear and hydro, power sources that do not emit greenhouse gases. Wind power has also grown rapidly in the province since the gas-fired plant was built.
Lauri Myllyvirta, a senior fellow with the Asia Society Policy Institute, told Climate Home: “The premise that power generation growth would come from coal if a new fossil gas plant wasn’t built was never true and certainly is not true today.”
Mitsubishi withdrew from the carbon credit project in 2022. While CNOOC remains involved, the main project participant is now a company called Europe New Energy Investment Capital, run by a Chinese citizen called Dongquan Yang.
A spokesperson for CNOOC said the project “is out of the scope of CNOOC Limited’s business operations”. Asked how that was compatible with CNOOC Fujian Gas Power Co., Ltd being listed as an authorised participant, the spokesperson did not reply.
Indian carbon-credit developer
Fossil fuel firms are not the only ones trying to monetise carbon offsets from existing gas power plants. Documents show that Indian company EnKing – which has since changed its name to EKI Energy Services Ltd and claims to be the world’s biggest developer of carbon credits – is involved in three of the Indian gas power projects identified.
Last August, Climate Home revealed that EnKing vastly overestimated the benefits of carbon offsets linked to cookstoves in rural India and helped sell those junk credits to oil and gas giant Shell.
Cooking the books: cookstove offsets produce millions of fake emission cuts
Working with fossil fuel companies, EnKing used a methodology (AM0025), under the old Clean Development Mechanism, to derive credits from the building of gas-fired power plants in India.
The successor to this methodology is still technically up and running – but Verra, one of the main international carbon credit verifiers, has declared it inactive due to lack of use.
According to Crook of Carbon Market Watch, it is “extremely unlikely” that this type of methodology will be applicable under Article 6.4, which will govern the new UN carbon market when it launches. EnKing did not reply to a request for comment.
‘Not good practice’
To oversee the new carbon market, governments have agreed to set up an Article 6.4 supervisory body, made up of government climate negotiators. But the rules agreed for it so far offer little power to reject old CDM credits from gas-fired power plants.
The host countries of those projects – including China and India – could refuse to authorise them, but they could still be sold, branded as “mitigation contribution units” under Article 6.4.
These are a lower class of carbon credit agreed at Cop27 which do not require authorisation by the host country as it does not need to do a “corresponding adjustment” for them, which means wiping the credits’ emissions reductions from its accounts.
Carbon credits talks collapse at Cop28 over integrity concerns
Mitigation contribution units cannot be counted towards national emissions goals set under the UN climate process, but they can be bought by companies and used for other purposes. That means the firms trying to sell carbon credits from old gas power stations just need to find buyers to make a profit.
Crook said such deals “wouldn’t be good practice”. “Retiring these credits paradoxically rewards fossil fuel companies for locking in emissions,” he added.
The post Fossil fuel firms seek UN carbon market cash for old gas plants appeared first on Climate Home News.
Fossil fuel firms seek UN carbon market cash for old gas plants
Climate Change
Agricultural subsidies can be repurposed for a just and sustainable rural transition
Orhan Solak is deputy director of Türkiye’s Directorate of Climate Change.
In today’s fraught economic context, everyone is looking to do more with less, and financing climate action is no exception. Yet there are clear opportunities to make better use of existing funding to achieve climate goals, including the repurposing of more than $700 billion in agricultural subsidies to support a just rural transition.
While public support for agriculture and food security has increasingly been reflected in global climate discussions, particularly in the context of the Paris Agreement’s Global Goal on Adaptation (GGA), the scale and urgency of current challenges call for stronger consensus and rapid implementation of practical, context-sensitive solutions.
The need to empower farmers to adopt sustainable practices, such as reducing food loss, cutting waste, building resilience and managing water resources wisely, is not a modern ethos. It echoes the model of Göbeklitepe, civilisation’s earliest-known settlement, built on the principles of solidarity, balance and harmony with nature.
This historical perspective underscores that sustainable resource management is deeply rooted in human development, and it reinforces the importance of aligning today’s agricultural transformation with both environmental integrity and social equity.
However, to date, public support for farming globally has largely prioritised synthetic fertilisers and input-intensive production models, often overlooking more sustainable, resource-efficient and resilience-oriented agricultural practices.
The good news is that countries are increasingly recognising that climate action cannot come at the cost of food security, dignified livelihoods and greater equality. Any transition to more sustainable food systems must be “just” for the farmers and the rural communities that underpin them.
Enhancing long-term food security
As COP31 President, Türkiye will draw on its unique historical and geographical position as a bridge between regions and civilisations to foster dialogue, strengthen cooperation and mobilise collective efforts toward scaling up finance towards net zero targets, a vital pillar of this year’s COP31 climate talks in Antalya.
Moving forward, greater emphasis should be placed on supporting sustainable and climate-resilient agricultural systems through targeted investments, capacity-building, innovation and nature-positive practices.
Strengthening support for efficient water use, soil health, agroecological approaches and circular production models can enhance long-term food security while improving resilience to climate-related shocks.
Comment: Nature cannot be ignored by Europe’s next big budget
In this context, aligning agricultural policies and financing mechanisms with sustainability objectives will be essential not only for protecting natural resources, but also for ensuring inclusive rural development and intergenerational equity.
A just rural transition that achieves climate goals and zero waste without undermining agricultural communities and economies is not possible without countries providing the necessary financial support. Redirecting agricultural subsidies offers a promising path toward both objectives, but only when reform is carefully designed and sensitive to context. Done well, it can offer a way to ease pressure on governments to find fresh funding.
New high-level panel to offer alternatives
This is the mission of a new High-Level Panel for a Just Rural Transition, recently launched in Ankara. Together with panel members that include former heads of state, senior officials from international organisations, and government representatives from across Africa, the Americas and Europe, I believe we can provide governments worldwide with viable and sustainable alternatives.
In the context of heightened scrutiny over international aid and finance, redirecting existing funding makes both economic and environmental sense.
New data shows rich nations likely missed 2025 goal to double adaptation finance
In Türkiye, farm subsidies have, for several years, increasingly supported organic farming through an established certification system aligned with international standards. The Green Deal Action Plan, published in 2021, set out objectives to reduce the use of pesticides and chemical fertilisers, promote organic production, increase renewable energy use, and improve waste and residue management.
In addition, Türkiye’s Climate Change Adaptation Strategy and Action Plan (2024–2030) further strengthens this policy direction by integrating climate resilience considerations into agricultural practices and supporting sustainable land and resource management approaches.
Other countries are also embracing innovative approaches. Malawi, for example, is piloting a system in which subsidies for synthetic fertiliser are conditional on other, more climate-positive practices such as diversifying the crops planted to help improve soil health or applying soil conservation measures and managing soil organic matter. Elsewhere, the UK is also shifting to a model that rewards environmental stewardship through its Sustainable Farming Incentive (SFI).
The exact ways in which farm subsidies are redirected will depend on each country’s specific circumstances and needs, but the overall approach is one that stands to benefit all nations.
Channelling public support away from high-emission practices is not only a strategy for addressing today’s challenges, but also one that helps build long-term resilience.


Just Transition Mechanism consultations in Bonn
This month’s Bonn Climate Conference will mark an important milestone on the road to COP31, helping to shape the agenda for the negotiations in Antalya six months later.
Countries will consult over the Just Transition Mechanism, the financial framework designed to ensure the transition to a climate-neutral economy is fair. This is a vital opportunity to ensure that agrifood systems and rural communities are placed at the heart of its agenda, and it is a moment to reinforce the philosophy of COP 31: from dialogue to consensus and action.
To accelerate climate action at the “COP of the Future”, we must learn from the past and improve upon it through strengthened dialogue, consensus-building, and concrete, action-oriented outcomes.
Countries should recognise that a just rural transition requires action not only from actors within the agrifood system, but across all relevant sectors and industries. Momentum is steadily growing, and under Türkiye’s COP31 Presidency priorities, this agenda is expected to feature prominently. This momentum sets the stage for a defining COP31 for climate equity and inclusive climate action.
The post Agricultural subsidies can be repurposed for a just and sustainable rural transition appeared first on Climate Home News.
Agricultural subsidies can be repurposed for a just and sustainable rural transition
Climate Change
Coral Reefs in French Polynesia Are Stuck Between Life and Death
Scientists’ discovery of hollowed coral skeletons after a 2019 bleaching event reveals a reef that isn’t coming back.
This story was supported by the Pulitzer Center.
Coral Reefs in French Polynesia Are Stuck Between Life and Death
Climate Change
Songs of no denying

The invigorating thing about public speaking is that you never quite know who is in the audience. There’s always a chance, of course, that someone wants to have a bit of a go at you, or maybe there’s an attendee with a particular take on things, who wants to ask one of those ‘questions that is more of a statement’; and then there’s those precious moments when the stars align and a memorable connection is made.
A couple of weeks ago, I’d participated in a panel discussion at an event, and the crowd was beginning to dissipate when a couple of strangers approached me to introduce themselves and say ‘hello’.
It turned out that Helen, Miranda, and I had all been in the same room in April, when each of us was part of the Greenpeace contingent inside Woodside’s 2026 Annual General Meeting in Perth, though we did not meet that day.
AGMs are significant set-piece occasions for companies, at which their corporate leadership wants to project competence and boost investor confidence. But for those of us with other concerns on our minds, an AGM is an opportunity to hold corporate leaders to account.
This year, a significant number of community advocacy groups, including Greenpeace, were present at Woodside’s AGM to challenge the company on its plans to drill for gas around Scott Reef—Australia’s largest freestanding oceanic reef atoll, and host to an incredible array of rare and endangered creatures, including green sea turtles and pygmy blue whales.
My role was to accept a shareholder proxy, suit up, and ask the company’s chair, Richard Goyder, some direct questions about the environmental damage that Woodside’s plans threaten to Scott Reef and the global climate.
Helen and Miranda, though, were present to play a completely different role. ‘We were a bit nervous that day’, Miranda told me. And no wonder, given what they were planning to do.
As new CEO Liz Westcott took the lectern, she was abruptly interrupted by a literally unearthly sound: whale song, playing from a speaker that Greenpeace activists had snuck into the room.
It was an aural haunting of Woodside’s AGM by the ghosts of its business strategy. Westcott opted to try to continue speaking, while security moved among the rows, attempting without success to work out where the sound was coming from.
When the whale track had played through, the relief on the podium felt palpable; but the return to corporate calm was short-lived.
Miranda, Helen, and other small groups of choristers—all evidently talented singers in their own right—began to stand up in small groups to perform a bespoke ‘Save Scott Reef’ variation on an iconic Australian song:
Hands off Scott Reef
Don’t be so Reckless
She don’t like that kind of behaviour…
It is a cliche, but true, to say that bravery comes in many different forms. It demands guts and resolve to stand up in a closed and heavily securitised room, with an unsympathetic audience; and to sing a song of no denying to one of the most powerful corporations in Australia, unaccompanied, from a cold start, with only your voices to fill the cavernous corporate space.
It was a wonderful thing to witness: the moral clarity of the message and the bold cheekiness of the activity; and a profoundly galvanising thing to feel, the indefatigable lifting of the spirit that we experience when we hear human voices rising in harmony and purpose. Miranda, Helen and their mates were brilliant.
Don’t be so Reckless…
As each small group rose in choreographed turn to pick up the song, they were apprehended by security and escorted out, singing to the last, as they were exited from the room.
Already, more than 500,000 people have joined the campaign to stop Woodside from drilling gas at Scott Reef. So when Helen, Miranda and friends stood up to sing, they did so on behalf of more than half a million people.
‘I’d never done anything like that before’, Helen told me, ‘I’d definitely do it again’.
Protest songs are both catalytic and emblematic of dynamic moments of social change. There is beauty, creativity, defiance, camaraderie and love to be found in singing together.
Helen and Miranda, it was great to meet you both. To you and all the other amazing folks who stood up and sang, thank you for your courage, commitment and the power of your voices. Your singing mattered for the half million, for the whales and the other creatures of Scott Reef, and for life in the ocean and on earth itself.
*As anyone of a certain age will probably recognise, the phrase is derived from the Midnight Oil anthem, US Forces.

Q and A

A few people have asked me recently about where the implementation of the national nature law reforms stand? Specifically, It seemed like good news when the Environment Protection and Biodiversity Conservation Act (EPBC) reforms were passed last year, but now it appears that they could be going wrong in the implementation. What’s happening?
We welcomed the Australian parliament’s passing of long-awaited nature law reforms just before Christmas last year as a fulfilment of an election promise, but remained clear-eyed that the proof of these reforms would be in how well they were implemented.
At this stage, the first two draft National Environmental Standards (NES) released by Federal Environment Minister Murray Watt’s department fall well short of what is required to actually protect nature. So things are once again in the balance.
The NES are the rules intended to guide decisions on projects that require assessment under the EPBC Act. They should draw a hard line to protect nature, but instead, the proposed standards are full of loopholes that legal experts warn are inimical to achieving the whole point of the Act–the protection of nature.
Glenn Walker who is Greenpeace Australia Pacific’s Head of Nature Program has mapped out the shortcomings of the NES in great detail on our blog. Greenpeace has made is views clear to both the Federal Environment Department and Minister Murray Watt, urging that the NES must be fixed, as have many others.
We are continuing to work closely with other environmental organisations, both to engage closely and to campaign publicly–there is still the opportunity to get this right to achieve the potential of the amended EPBC Act to actually do what it says on the cover–protect the environment.
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