popular articles

McKinsey Influences Carbon Credit Debate at COP28

The revelation of McKinsey & Company's active involvement in the promotion of carbon credits at a COP28 preparatory summit highlights the stakes and controversies surrounding this practice in the context of global climate policies.

Please share:

McKinsey & Company, known for its consulting services to major energy companies, played a significant role in the preparations for the African Climate Summit in Nairobi. A confidential document obtained by AFP reveals McKinsey’s impetus for the adoption of the African Carbon Markets Initiative (ACMI), aimed at establishing a $6 billion carbon credit market in Africa. This document, designed to influence the summit agenda, highlights carbon credits as a key solution for carbon neutrality, despite the controversies surrounding their effectiveness.

Carbon Credits: A Controversial Solution

Carbon credits are presented as a way for companies to offset their CO2 emissions by supporting environmental projects. However, studies and journalistic investigations have raised doubts about their real effectiveness, with cases of overestimated environmental benefits. These credits are often criticized as a loophole allowing companies to continue their polluting activities without reducing their emissions.

Conflicts of Interest and Civil Society Reactions

McKinsey’s involvement in the planning of the summit was criticized as a conflict of interest, given its links with the fossil fuel industry. Over 500 civil society organizations protested against McKinsey’s undue influence, claiming that the company had shaped the summit agenda in favor of its clients. Mohamed Adow, from Power Shift Africa, pointed out that McKinsey had a vested interest in the trade agreements that could result from the adoption of ACMI.

Response from McKinsey and the Kenyan Government

Faced with the allegations, McKinsey denied any wrongdoing, presenting itself as a “technical partner”. The Kenyan government, represented by Environment Minister Soipan Tuya, also denied undue influence from McKinsey, claiming that the documents had been approved by the African Climate Summit and the government. However, some members of the advisory group expressed ignorance of McKinsey’s role and criticized the gap between McKinsey’s proposals and African priorities.

Impact on the Carbon Credit Market and COP28

The summit resulted in significant financial commitments for carbon offset projects, despite criticism of their environmental and social impact. COP28 in Dubai failed to regulate this fast-growing market, exacerbating the risks of greenwashing. The case of South Pole, which withdrew from a forest protection program in Zimbabwe, illustrates the challenges and controversies associated with these credits.

McKinsey’s involvement in the promotion of carbon credits at COP28 reveals the complexities and challenges associated with consulting firms’ influence in climate policy, calling for greater regulation and transparency.

Register free of charge for uninterrupted access.

Publicite

Recently published in

After three years of separation post-Brexit, the United Kingdom and the European Union have announced their intention to examine conditions for the UK's reintegration into the European electricity market, aiming to optimize cross-border exchanges.
A structural partnership includes HVDC lines, natural gas power plants and desalination facilities, financed by a consortium including TAQA and Nareva.
A structural partnership includes HVDC lines, natural gas power plants and desalination facilities, financed by a consortium including TAQA and Nareva.
The BRICS denounce economic sanctions and trade restrictions imposed by Western countries, warning of their consequences on global energy markets, especially regarding supply chains and financial stability in the energy sector.
The BRICS denounce economic sanctions and trade restrictions imposed by Western countries, warning of their consequences on global energy markets, especially regarding supply chains and financial stability in the energy sector.
In Kenya, China is consolidating its dominant position in the energy sector through massive exports of clean technologies and major infrastructure contracts, as Nairobi accelerates its energy and industrial targets for 2030.
In Kenya, China is consolidating its dominant position in the energy sector through massive exports of clean technologies and major infrastructure contracts, as Nairobi accelerates its energy and industrial targets for 2030.
Iranian officials met in Istanbul with the European trio to discuss the nuclear programme, as Washington threatens new sanctions in case of deadlock.
The European Union has approved a new package of sanctions targeting 345 vessels suspected of helping Russia circumvent restrictions on crude oil and refined product exports.
The European Union has approved a new package of sanctions targeting 345 vessels suspected of helping Russia circumvent restrictions on crude oil and refined product exports.
Faced with the heavy debts of emerging countries, China is shifting its strategy in Africa, reducing massive loans in favour of targeted commercial investments as Western competition intensifies around clean energy technologies.
Faced with the heavy debts of emerging countries, China is shifting its strategy in Africa, reducing massive loans in favour of targeted commercial investments as Western competition intensifies around clean energy technologies.
Dan Jørgensen, European Commissioner for Energy, confirms that the EU will continue its ban on Russian gas imports, regardless of the outcome of peace negotiations in Ukraine, with legislative proposals expected in June.
Dan Jørgensen, European Commissioner for Energy, confirms that the EU will continue its ban on Russian gas imports, regardless of the outcome of peace negotiations in Ukraine, with legislative proposals expected in June.
On May 13, energy ministers from Baltic Sea countries signed a new memorandum of understanding to reinforce interconnections and energy security amid growing geopolitical tensions.
Belgrade aims to retain favourable pricing terms for Russian gas imports as the current contract nears its May 31 deadline.
Belgrade aims to retain favourable pricing terms for Russian gas imports as the current contract nears its May 31 deadline.
The US president begins a state visit to Saudi Arabia focused on an ambitious economic partnership, sidelining Saudi-Israeli normalisation due to the Gaza war.
The US president begins a state visit to Saudi Arabia focused on an ambitious economic partnership, sidelining Saudi-Israeli normalisation due to the Gaza war.
An agreement covering the exploitation of 57 types of natural resources is set for ratification by the Ukrainian Parliament, establishing a bilateral fund with Washington with no explicit military guarantees.
An agreement covering the exploitation of 57 types of natural resources is set for ratification by the Ukrainian Parliament, establishing a bilateral fund with Washington with no explicit military guarantees.
Russia positions itself as an active supporter of nuclear talks between Iran and the United States, advocating for a balanced legal framework in line with international law.
The French president hosts Turkmen leader Gurbanguly Berdymukhamedov in Paris to finalise economic agreements amid geopolitical rivalries over Central Asian gas resources.
The French president hosts Turkmen leader Gurbanguly Berdymukhamedov in Paris to finalise economic agreements amid geopolitical rivalries over Central Asian gas resources.
Indonesia and Japan are strengthening their energy partnership through several strategic projects, notably within the JETP and AZEC initiatives, aiming to sustainably structure Indonesia’s energy mix and support its infrastructure.
Indonesia and Japan are strengthening their energy partnership through several strategic projects, notably within the JETP and AZEC initiatives, aiming to sustainably structure Indonesia’s energy mix and support its infrastructure.
Egypt, Tunisia and Morocco are investing in submarine interconnections to export their renewable electricity to European markets amid growing energy demand.
Egypt, Tunisia and Morocco are investing in submarine interconnections to export their renewable electricity to European markets amid growing energy demand.
Iran responded to threats of sanctions from the United States and France, denouncing what it sees as illegitimate political pressure and reaffirming its stance on the legality of its oil exports.
The United States and Ukraine have established a joint fund to exploit Ukrainian natural resources, under a bilateral agreement with no explicit military commitments.
The United States and Ukraine have established a joint fund to exploit Ukrainian natural resources, under a bilateral agreement with no explicit military commitments.
The United States and Ukraine have signed a bilateral agreement establishing an investment fund aimed at financing reconstruction and natural resource extraction projects on Ukrainian territory.
The United States and Ukraine have signed a bilateral agreement establishing an investment fund aimed at financing reconstruction and natural resource extraction projects on Ukrainian territory.
Mark Carney, the frontrunner in the Canadian elections, will quickly have to manage delicate negotiations with the United States, a major trading partner, amid tariff uncertainties and American economic isolation.
Mark Carney, the frontrunner in the Canadian elections, will quickly have to manage delicate negotiations with the United States, a major trading partner, amid tariff uncertainties and American economic isolation.
During President Ilham Aliyev's official visit to China, six agreements were signed between Azerbaijan and Chinese partners to develop green energy projects, including solar power plants, an offshore wind farm, and energy storage systems.
Narendra Modi is on an official visit to Saudi Arabia to consolidate energy and trade ties between India and Riyadh, a key strategic supplier of crude oil to New Delhi.
Narendra Modi is on an official visit to Saudi Arabia to consolidate energy and trade ties between India and Riyadh, a key strategic supplier of crude oil to New Delhi.
The United States' dominance in oil and gas production may stagnate and even decline in the coming decades, according to a report from Wood Mackenzie. Technological challenges and the rise of low-carbon energies are key factors in this shift.
The United States' dominance in oil and gas production may stagnate and even decline in the coming decades, according to a report from Wood Mackenzie. Technological challenges and the rise of low-carbon energies are key factors in this shift.
Nigerian Foreign Minister Yusuf Maitama Tuggar met his Nigerien counterpart in Niamey on April 16, 2025, to discuss economic cooperation and security amidst ongoing political tensions and terrorist threats.
Nigerian Foreign Minister Yusuf Maitama Tuggar met his Nigerien counterpart in Niamey on April 16, 2025, to discuss economic cooperation and security amidst ongoing political tensions and terrorist threats.

Advertising