Big Oil’s Carbon Credit Strategy Faces Scrutiny ...Middle East

Just a year ago, carbon credits were all the rage. Companies struck deal after deal in a market that analysts said would grow at breakneck speed. Then, it all started unwinding. Because Big Oil was using carbon credits, too. Apparently, it wasn’t supposed to go this way. Back in 2022, Shell said it would invest some $100 million in developing what are commonly called carbon sinks or ecosystems that absorb more carbon dioxide than they emit—if they emit any at all. The supermajor then planned to turn those sinks into a business, issuing…

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