Yes, worthless regarding the climate, or more accurately, of negative value to the climate, but not entirely worthless - they offer peace-of-mind for the marginally climate-aware investor, soothing their conscience as an indulgence, similar to the way that you purchase hope via a lottery ticket. When a company does this and advertises that fact, that is greenwashing, but that scheme can only continue while “the market” connotes value onto these “credits.” If businesses smarten up and see the con, then they will stop wasting their income in this market, and taxing authorities should also stop allowing these purchases as a deductible expense.
Yes, worthless regarding the climate, or more accurately, of negative value to the climate, but not entirely worthless - they offer peace-of-mind for the marginally climate-aware investor, soothing their conscience as an indulgence, similar to the way that you purchase hope via a lottery ticket. When a company does this and advertises that fact, that is greenwashing, but that scheme can only continue while “the market” connotes value onto these “credits.” If businesses smarten up and see the con, then they will stop wasting their income in this market, and taxing authorities should also stop allowing these purchases as a deductible expense.