Carbon Offsets Developer Reports Ex-CEO to Feds Over Bad Credits
C-Quest said Kenneth Newcombe engaged in alleged wrongdoing that resulted in millions of carbon credits that didn’t deliver on their promised climate impact.
A woman lights a stove in India.
Photographer: T. Narayan/BloombergCarbon offsets developer C-Quest Capital LLC said it reported former Chief Executive Officer Kenneth Newcombe to US federal law enforcement for his role in allegedly issuing millions of environmentally worthless carbon credits.
Newcombe, who stepped down in February, “committed wrongdoing” that led to the over-issuance of millions of carbon credits from clean-cooking projects, the company said in a June 26 statement. C-Quest’s new leadership team reported the issue to US regulators and Verra, the world’s leading carbon credits registry through which the credits were issued.