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More than half of the 27 million carbon credits produced by one of the world’s largest offsetting projects did not correspond to actual emission reductions, leading carbon registry Verra has said following a two-year review of Zimbabwe’s Kariba forest protection initiative.

Verra is now seeking compensation for the millions of “excess” credits from Carbon Green Investments (CGI) – the project’s developer – after the registry’s technical analysis found the threat to the forest had been overstated in the project’s original forecast.

The Kariba REDD+ project, which aims to protect an area 10 times the size of New York City, has long faced accusations by several media outlets and carbon market analysts of exaggerating its climate credentials through flawed carbon accounting and of failing to provide promised benefits to local communities.

The conservation project stretches across national parks, forest reserves and wildlife corridors along the southern shore of Lake Kariba in the Zambezi River basin in northern Zimbabwe.

Dozens of big companies, including Gucci, Volkswagen, Nestlé and Dutch electricity firm Greenchoice, bought millions of Kariba’s credits and used them to offset part of their own emissions and back up various green assertions.

Overstated deforestation risk

According to a report by Bloomberg, the project generated more than $100 million in revenue after being set up over a decade ago by South Pole, a major Swiss carbon credits broker, and CGI, which is run by a Zimbabwean businessman. South Pole walked away from Kariba in late 2023 when Verra suspended the project and began an internal review following an investigation by The New Yorker magazine.

Nearly two years later, Verra announced last week that its review had found 57% of Kariba’s nearly 27 million credits were issued “in excess”. That is because the actual deforestation observed in a reference area chosen by Kariba’s project developers to predict how much CO2 the scheme would conserve was “significantly lower” than initially estimated, Verra said.

    This calculation is known as the baseline against which a project’s performance is assessed. Critics have repeatedly questioned the accounting method and said flawed methodologies compromise the integrity of carbon offsets. Previous studies by independent rating agencies suggested Kariba may have produced as many as 30 times more credits than it should have done by exaggerating the threat to forests that were never really at risk.

    Compensation process

    Verra said last week that, despite finding them worthless, the millions of “excess” credits already used by buyers would remain valid. But, at the same time, the carbon registry has requested CGI to compensate for them by buying and cancelling an equivalent number of credits from other projects.

    Verra “received a positive response related to this process” from CGI, a spokesperson subsequently told Climate Home News, without giving further details.

    CGI’s founder, Zimbabwean tycoon Steve Wentzel, did not reply to a request for comment. In an online statement, CGI said it remains dedicated to Kariba’s “mission of forest conservation” and “committed to continue working toward resolutions that uphold the highest standards”.

    The company also said it had asked Verra for a “moratorium” on the compensation process until it reviews the registry’s carbon assessment.

    Will pricing emissions from flying affect tourism? Not if it’s done right

    Separately, Verra also invited the holders of nearly 5 million Kariba credits that have been purchased but not yet used for offsetting to “voluntarily” eliminate those credits, which in that case would be counted towards the compensation.

    South Pole, CGI’s former partner in the scheme, said last week it had asked Verra to cancel 2.5 million credits it still held “to help address the discrepancies in issued credits and uphold the environmental integrity of the project”.

    ‘Big concerns’ remain

    But Jonathan Crook, at the nonprofit Carbon Market Watch (CMW), said Verra’s handling of the Kariba case leaves many questions unanswered and raises big concerns.

    “It is not clear what, if anything concrete, will happen if CGI refuses this request [for compensation], thereby raising real questions over whether anyone will actually be held liable, which would be a shockingly inappropriate outcome to this scandal,” he added.

    Verra has a patchy track record in obtaining compensation from discredited projects. Nearly 2 million phantom credits linked to failed methane-cutting rice cultivation projects in China have yet to be paid back more than a year since Verra shut down the schemes and sought recompense from their developers.

      As Climate Home revealed last year, energy giant Shell was directly involved in the projects and used the majority of the credits to offset – on paper – real greenhouse gas emissions created by its vast fossil fuel operations.

      Climate Home understands that Verra is still pursuing compensation for the excess credits from the companies involved in the rice cultivation projects, but there is no fixed timeline for the process to be completed.

      Questions over permanence

      CMW’s Crook also raised concerns over the future integrity of the remaining 11.6 million Kariba credits deemed by Verra’s review to be of good quality. An underlying principle of REDD+ projects is that carbon stored in forests must be maintained over a long period of time – up to a century – to reliably offset the release of fossil carbon.

      But, with the Kariba project no longer registered with Verra, any carbon supposedly conserved through the scheme now “faces a significant risk of being re-released into the atmosphere over the coming years and decades without any clear solution to remedy the situation”, Crook added.

      More than 5 million credits from the Kariba project had been kept in a so-called buffer pool, an insurance fund with credits set aside for unexpected losses in stored carbon.

      Verra said it had decided to “take pre-emptive action” and cancel all those credits. Additionally, a monitoring system will track deforestation in the project area in the years ahead and extra credits will be cancelled if observed forest loss goes beyond Kariba’s contributions to the buffer pool, the registry said.

      “We are following our processes to ensure integrity and deliver what is right for the climate and communities,” the Verra spokesperson added.

      The post Zimbabwe forest carbon megaproject generated millions of junk credits appeared first on Climate Home News.

      Zimbabwe forest carbon megaproject generated millions of junk credits

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      Climate Change

      Close Major Deforestation Loopholes in the EPBC Act

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      22 October 2025

      The Hon Anthony Albanese MP
      Prime Minister
      Parliament House
      CANBERRA ACT 2600

      Sent via email

      To the Prime Minister, Federal Environment Minister, and Members of the Albanese Government,

      As researchers who study, document and work to recover Australia’s plants and animals, insects and ecosystems, we are keenly aware of the value of nature to Australians and the world.

      Australia has one of the worst rates of deforestation globally. For every 100 hectares of native woodland cleared, about 2000 birds, 15,000 reptiles and 500 native mammals will die. As scientists and experts, we have sounded the alarm for more than 30 years that the large-scale destruction of native woodlands, forests, wetlands and grasslands was the single biggest threat to the nation’s biodiversity. That is still the case today, and it is driving an extinction crisis.

      New figures show that Queensland continues to lead the nation in deforestation. The latest statewide landcover and trees study (SLATS) report shows that annually 44% of all deforestation in Queensland occurs in the Great Barrier Reef catchment areas, where over 140,000 hectares are bulldozed each year.

      Deforestation in Great Barrier Reef catchments is devastating one of Australia’s most iconic natural wonders. When forests and bushland are bulldozed, erosion causes debris to wash into waterways, sending sediment, nutrients and pesticides into the Reef waters. This smothers coral, fuels crown-of-thorns starfish outbreaks, and reduces water quality. These impacts compound the damage caused by repeated mass bleaching events driven by climate change.

      The Great Barrier Reef sustains precious marine life, supports local and global biodiversity, and underpins tourism economies and coastal communities that rely on its survival. Continued mass deforestation threatens these values and could jeopardise the Reef’s World Heritage status. In 2026 the World Heritage Committee will review Australia’s progress in protecting the Reef and may consider placing it on the World Heritage in Danger list, if key threats to the Reef, including deforestation, are not addressed.

      This mass deforestation happens due to a loophole in the Environment Protection and Biodiversity Conservation (EPBC) Act, our national nature law. Exemptions allow deforestation to continue largely unregulated by the EPBC Act through a grandfathering clause from 2000 known as “continuous use”. Without meaningful reform, deforestation will continue to drive massive biodiversity loss. This loophole must be closed as part of the proposed EPBC Act reforms. The law is meant to safeguard our wildlife and our most precious places like the Great Barrier Reef. Please support closing major deforestation loopholes in the EPBC Act as an urgent and priority issue for the Federal Government.

      Sincerely,

      Professor James Watson, University of Queensland

      Dr. Michelle Ward

      Mandy Cheung

      Mr Lachlan Cross

      Timothy Ravasi

      Gillian Rowan

      Dr Graham R. Fulton, The University of Queensland

      Dr Alison Peel

      Dr James Richardson University of Queensland

      Luke Emerson, University of Newcastle

      Dr Hilary Pearl

      Dr Tina Parkhurst

      Dr Kerry Bridle

      Dr Tracy Schultz, Senior Research Fellow, University of Queensland

      Dr. Zachary Amir

      Prof David M Watson, Gulbali Institute, CSU

      Naomi Ploos van Amstel, PhD candidate

      David Schoeman

      Associate Professor Simone Blomberg, University of Queensland

      Professor Euan Ritchie, Deakin University

      Dr Ian Baird, Conservation Biologist

      Paul Elton (ANU)

      Melissa Billington

      Hayden de Villiers

      Professor Brett Murphy, Charles Darwin University

      Professor Sarah Bekessy

      Professor Anthony J. Richardson (University of Queensland)

      Prof. Winnifred Louis, University of Queensland

      Dr Yung En Chee, The University of Melbourne

      Dr Jed Calvert, postdoctoral research fellow in wetland ecology, University of Queensland

      A/Prof Daniel C Dunn, Centre for Biodiversity and Conservation Science, University of Queensland

      Lincoln Kern, Ecologist

      Professor Corey Bradshaw, Flinders University

      Dr. Viviana Gonzalez, The University of Queensland

      Prof. Helen Bostock

      Dr Leslie Roberson

      Bethany Kiss

      Assoc. Prof Diana Fisher, UQ, and co-chair of the IUCN Marsupial and Monotreme Specialist Group

      Dr Jacinta Humphrey, RMIT University

      Professor Mathew Crowther

      Christopher R. Dickman, Professor Emeritus, The University of Sydney

      Fiona Hoegh-Guldberg, RMIT University

      Dr Bertram Jenkins

      Dr Daniela ParraFaundes

      Dr Jessica Walsh

      Dr. GABRIELLA scata – marine biologist, wildlife protector

      Katherine Robertson

      Professor Jane Williamson, Macquarie University

      William F. Laurance, Distinguished Professor, James Cook University

      A/Prof Deb Bower

      Dr Leslie Roberson, University of Queensland

      Ms Jasmine Hall, Senior Research Assistant in Coastal Wetland Biogeochemistry, Ecology and Management, Australian Rivers Institute, Griffith University

      Dr Kita Ashman, Adjunct Research Associate, Charles Sturt University

      Genevieve Newey

      Matt Hayward

      Jessie Moyses

      Natalya Maitz, PhD Candidate, The University of Queensland

      Christina Ritchie

      Liana van Woesik, PhD Student, University of Queensland

      Benjamin Lucas, PhD Researcher

      A/Prof. Carissa Klein, The University of Queensland

      Conrad Pratt, PhD Student, University of Queensland

      Dr Ascelin Gordon, RMIT University

      Professor Nicole Graham, The University of Sydney

      Professor Murray Lee, University of Sydney Law School

      Dr Tracy Schultz, Snr Research Fellow, University of Queensland

      Libby Newton (PhD candidate, Sydney Law School)

      Hannah Thomas, University of Queensland

      Professor Richard Kingsford, Director of the Centre for Ecosystem Science, UNSW Sydney

      Dr Anna Hopkins

      Lena van Swinderen, PhD candidate at the University of Queensland

      Professor Jodie Rummer, James Cook University

      Dr Nita Lauren, Lecturer, RMIT University

      Dr Christina Zdenek

      Madeline Davey

      Dr Rachel Killean, Sydney Law School

      Dr. Sofía López-Cubillos

      Dr Claire Larroux

      Dr Alice Twomey, The University of Queensland

      Zoe Gralton

      Dr Robyn Gulliver

      Ryan Borrett, Murdoch University

      Adjunct Prof. Paul Lawrence, Griffith University, Brisbane Qld

      Professor Susan Park, University of Sydney

      Dr Holly Kirk, Curtin University

      Deakin Distinguished Professor Marcel Klaassen

      Dr Megan Evans, UNSW Canberra

      Dr Amanda Irwin, The University of Sydney

      Dr Keith Cardwell

      Professor Don Driscoll, Deakin University

      Susan Bengtson Nash

      Distinguished Professor David Lindenmayer

      Dr Madelyn Mangan, University of Queensland

      Dr Isabella Smith

      Geoff Lockwood

      Dr Paula Peeters, Paperbark Writer

      Prof Cynthia Riginos, University of Queensland

      Dr. Sankar Subramanian

      Associate Professor Zoe Richards

      Dr Jessie Wells, The University of Melbourne

      Professor Gretta Pecl AM, University of Tasmania

      Dr April Reside, The University of Queensland

      Oriana Licul-Milevoj (Ecologist)

      Dr Yves-Marie Bozec, University of Queensland

      Dr Julia Hazel

      Dr Judit K. Szabo

      Ana Ulloa

      Dr Andreas Dietzel

      Philip Spark – North West Ecological Services

      Jonathan Freeman

      Dr/ Mohamed Mohamed Rashad

      Close Major Deforestation Loopholes in the EPBC Act

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      Climate Change

      The Ocean We’re Still Discovering

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      The recent discovery of Grimpoteuthis feitiana, a new species of Dumbo octopus found deep in the Pacific, is a reminder of something both humbling and urgent: we still know so little about the ocean that shapes our lives. This fragile, finned creature, gliding silently more than a kilometer beneath the waves, has lived in these waters long before we mapped them, and its story is only now coming to light.

      A still taken from the Greenpeace animation on the destructive mining of the deep sea. What if we could go back in time and stop a destructive industry before it even started?
      A still taken from the Greenpeace animation on the destructive mining of the deep sea. What if we could go back in time and stop a destructive industry before it even started?

      What moves me most about this discovery is not just the Dumbo octopus itself, but how it bridges science and culture. Its name draws inspiration from the flying apsaras of China’s Dunhuang murals, those graceful, winged figures that seem to dance through air and imagination. It reminds me that the deep sea has always held a place in our collective human story, — not only in myths and art, but in the ways we relate to nature, learn from it, and find meaning within it.

      Pasifika connection to the ocean

      For us in the Pacific, the ocean is more than a body of water. It is our identity, our culture, our history. Our ancestors read the seas to navigate, to survive, to connect communities scattered across islands. Discoveries like this Dumbo octopus awaken something deeper in me, — a sense that the ocean is alive with stories and wisdom we are only beginning to rediscover. And with that understanding comes a responsibility to protect it.

      Confronting James Cook Vessel in the Pacific Ocean. © Martin Katz / Greenpeace
      Greenpeace International activists peacefully confronted UK Royal Research Ship James Cook in the East Pacific waters as it returned from a seven-week long expedition to a section of the Pacific Ocean targeted for deep sea mining. © Martin Katz / Greenpeace

      Each new species like the Dumbo octopus, each glimpse into the deep, is a warning as much as it is a wonder. The creatures of the abyss live slow, deliberate lives in fragile ecosystems, shaped by balance and patience. Deep-sea mining, pollution, and climate change threaten to erase them before we even learn their names. Protecting the Pacific’s oceans is not an abstract act of conservation; it is an act of cultural preservation, of love for our home, and for the unseen life that sustains us all.

      Grimpoteuthis feitiana is more than a scientific discovery. It is a reminder that the ocean is still full of life, mystery, and wisdom — and that we have a duty to ensure these depths remain wild, healthy, and alive, for us and for the generations yet to come.

      Reflection by Raeed Ali
      Pacific Community Mobiliser

      The Ocean We’re Still Discovering

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      Climate Change

      River of Life

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      Swan River at Sunset. Image: Fernando de Sousa on Flickr, CC BY-SA 2.0

      Nature is not only mother to us all, but our shared witness. Because truly, we are never alone when in the hallowed company of the elements, and life of the earth.

      Sometimes, it is the immensity of things which reaches inside you—oceans, sky and sun, or the curve of the terrestrial distance—while at other moments it is the intensity of intimate association at a smaller scale, like a single tree you know as a friend, or a specific combination of scent, stone, water and light, felt uniquely in situ.

      In both great and small manifestations, the natural world solemnly and playfully attends our lives as we go about our business on this, our singular living planet.

      I felt this sense of nature incarnated as an attentive companion acutely this week, when walking between meetings along the Swan River.

      If you grow up in Perth, even in one of the outer suburbs as I did, the Swan River, or Derbal Yerrigan in the language of the Whadjuk Noongar People, is always there as a presence.

      The bits I know best feel like a kind of emotional map of the journey through the years, as evocative as any diary. This patch, where I threw a cricket ball around with my best mate in the early evening, laughing at the joy of being alive as the spinning pill arced against the twilight; that slight bend in the path, imprinted with the ambivalent tension of being about to sit university exams; there, the site years ago, of running around at the feet of my Dad, as young as I can remember him; here, a spot that summons the sense of exhausting exhilaration when fecklessly going for a run in the mid-day western heat; and above all that cherished place, I will always associate with love, newly declared and found to be returned.

      And other things too, inchoate layers of pleating fragments; thoughts and feelings without number, that will always be evoked in my mind by the sweep of the Swan

      What is most evocative or sacred to us is always bound to feeling, rather than the product of any rational calculus. It is also true, though, that geography as memory is complicated by change—something that is a constant in nature; wildly accelerated by human intervention; and now spiralling into the violently unpredictable, because of global heating.

      Derbal Yerrigan has no doubt always been changing, in the countless days that the river has flowed since time immemorial; but never altered or transformed in the way has occured since colonisation and industrialisation; nor in the way that is happening now.

      I troubled about this while making my way along the Swan this week, and watched as an Australasian darter (Anhinga novaehollandiae) perched on the river wall and spread its wings interstitially, as if gesturing to signify the bonds between the land, water and sky. At that moment, I abruptly remembered that my gaze was not solitary, because far and high in the air behind me were the lidless eyes of the city skyscrapers, including the dark towers of the fossil fuel giants, Woodside and Chevron, staring down with abject contempt for the future.

      I suspect like many of us, I feel a perpetual mental struggle between the dissonance of the everyday, which, even despite spring temperatures soaring 15 degrees Celsius above average, still has a normalcy to it that is discordant with what we know about the realities of global warming, and the forecasts of what is to come. The Swan, like all rivers, now faces its most violent test yet of rising temperatures and extreme unnatural events.

      The attendance of nature to our lives is not passive. If we think only of ‘the environment’ just as subject, we miss the point of both our own embeddedness in this world, and of the agency of life itself. Every species on earth has an innate energy to flourish and reproduce. The Swan River will keep on rolling, with all of the intense hydrological power at its command. Given half a chance nature will resurge and rebound in wood and feather, tooth and maw.

      Our conscious task, I think to myself, but mentally addressing both the bird and the river, is to purposefully draw on the power of this meaning; an internal strength derived from the preciousness of our memories imbricated in place. 

      I pause and offer a silent pledge to the River: you’ve always been there for us. And in the activism, ingenuity, campaigning and commitment of millions of determined people across Australia and the world, all of whom are dedicated to stopping the destruction of nature and the climate and of securing a return to flourishing, so we will be there for you.

      Q & A

      Greenpeace campaigns are always solution-led, and one of the questions I have been asked a lot over the years is about our systemic solution for Western Australia to reduce emissions at an emergency speed and scale, and get off gas.

      This week, it was terrific to be in Perth, joining colleagues to help launch a comprehensive decarbonisation plan for the state, Power Shift: WA’s Electrified Future written in collaboration with Springmount Advisory.

      This report comprehensively shows how WA’s economy can be aligned with the global goal of limiting warming to 1.5°C, and breaks down the transition pathway WA can take across energy, industry, transport and agriculture to achieve this. It highlights the challenges and opportunities across each sector, and provides policy level solutions to achieve these ambitions using only already-existing technologies. You can check out the report here.

      River of Life

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