Some of the world's largest corporate emitters are increasingly selling off dirty assets in a bid to look greener on paper.
— all publicly held firms with net-zero targets — sold off their interests in an onshore oil mining field in Nigeria last year to a private-equity backed operator.
Almost immediately thereafter, however, flaring dramatically increased. The case study was said to highlight the climate risks stemming from upstream oil and gas transactions. Andrew Logan, senior director of oil and gas at nonprofit Ceres, told CNBC that EDF's research shows there has been something of a "wink wink, nod nod approach" to transferred emissions to date, whereby energy majors sell off high-polluting assets without worrying too much about whether the purchaser is going to do what they are supposed to.
Fink said the practice of public disclosed companies selling high-polluting assets to opaque private enterprises "doesn't change the world at all. It actually makes the world even worse."
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