China is pocketing billions of dollars from the sale of carbon offsets in connection with renewable-energy projects. A U.N. committee that oversees international trading in carbon credits recently refused to approve 10 Chinese wind farms. The committee said the facilities would have been built even without money from the credits. If that is true, the credits are nothing more than windfall for Chinese developers that contribute nothing to climate change. "This is 21st-century climate-policy snake oil," said Michael Dorsey, a professor of environmental studies at Dartmouth College.
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