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Market Chatter: ExxonMobil-Backed Carbon Credits Project Found Suspicious by German Regulator

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A German regulator found a carbon credits project funded by an ExxonMobil (XOM) unit to be suspicious, possibly faking or overstating its environmental impact, Bloomberg reported Friday, citing a report from the German Environment Agency.

The mid-January report from the German Environment Agency listed one ExxonMobil-backed project as one of the 30 China-based projects that authorities withdrew carbon credits from, according to Bloomberg. The projects had claimed to cut pollution from fossil-fuel extraction, the report added.

A registration document seen by Bloomberg showed that the project funded by the ExxonMobil unit claimed to save nearly 96,000 tons of carbon dioxide, with an estimated price of 44 euros ($51.50) per ton. Bloomberg said the company would have spend 4.2 million euros on the project's credits.

ExxonMobil and the German Environment Agency did not immediately respond to' requests for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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