China is threatening to vent super-powerful greenhouse gases if Europe cuts off its supply of valuable carbon credits next year.
The climate Kryptonite in question is hydrofluorocarbon-23. One ton of this stuff has the same greenhouse gas punch as 11,700 tons of carbon dioxide. Most of China’s $6 billion in carbon credits have been intended to keep their industrial facilities from venting the stuff. But the EU now says these offsets are too costly, and cost 70 times as much as the firms receiving them spend to destroy their CHF3 on-site.
China says that if these offsets go away, producers will cut costs by simply venting these gases.
"Attempting to force countries into squandering billions on fake offsets that actually increase production of greenhouse gases is extortion," said Samuel LaBudde, senior atmospheric campaigner with the Environmental Investigation Agency. "China is not the victim here, and a world order responsive to climate change cannot be predicated on unrepentant greed."